Barbour v. Sproul
Supreme Court of Pennsylvania
Appeal, No. 232, Oct. T., 1912, by South Side Trust Company of Pittsburgh, Receiver of Henry Sproul & Co., from order of C. P. Allegheny Co., July T., 1912, No. 2163, making absolute rule to turn over stock in case of John B. Barbour and William J. Bauer v. Henry Sproul and N. R. Evans, copartners, doing business as Henry Sproul & Company. Rule upon the receiver of a brokerage firm to turn over stocks.
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Appeal, No. 232, Oct. T., 1912, by South Side Trust Company of Pittsburgh, Receiver of Henry Sproul & Co., from order of C. P. Allegheny Co., July T., 1912, No. 2163, making absolute rule to turn over stock in case of John B. Barbour and William J. Bauer v. Henry Sproul and N. R. Evans, copartners, doing business as Henry Sproul & Company. Rule upon the receiver of a brokerage firm to turn over stocks. Before Carnahan, J. From the bill, petitions, and answers in this case the following facts appear: On June 4, 1912, Robinson & Orr requested the defendants, stockbrokers in the' City of…
1Opinion of the Court
Per Curiam,
We agree with the conclusion of the learned court below. This is not a case for contribution. When a customer orders his broker to buy stock, and the broker does buy it from a sub-broker, and the broker then notifies the customer that the stock has been bought, the broker’s title to the stock thereby passes to the cus*177tomer, subject to any amount due from the customer to the broker and to any lien of the sub-broker: 2 Cook on Corp. 1161. Robinson & Orr and Bell, the appellees, and Wheeler and Banch placed their orders for the stock with Sproul & Company, their Pittsburgh brokers,…
2Cases cited2 opinions
- Le Marchant v. . MooreNew York Court of Appeals · 1896
- Jennings, Friedman & Stevens ex rel. Mercantile Trust Co. v. LoefflerSupreme Court of Pennsylvania · 1898
3Cited by8 opinions
- Sproul v. SloanSupreme Court of Pennsylvania · 1913
- Otis v. MedoffSupreme Court of Pennsylvania · 1932
- Commonwealth v. NixonSuperior Court of Pennsylvania · 1928
- Englehart v. CassattSupreme Court of Pennsylvania · 1931
- Sterling's EstateSupreme Court of Pennsylvania · 1916
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