Clark v. Meigs
The Superior Court of New York City
Appeal from judgment on demurrer to complaint. The action was brought to recover from the defendants, Charles A. Meigs, Augustus Greenleaf, and E. B. Greenleaf, who were stock-brokers, damages for having sold, against their duty as agents of plaintiff, stock which they had purchased for him. The allegations of the complaint are stated in our report of the decision at special term, 12 Ante, 267. From, that decision the plaintiffs appealed.
1Opinion of the Court
By the Court.— Hoffman, J.
—I thinkthe allegation in the second paragraph of the complaint admits of the construction that the purchase of the shares by- the defendants, for account of_ the plaintiff, was consummated, and the delivery was to be made by them to the plaintiff within sixty days, if he so chose. Certainly it would admit of proof to that effect.
Presumptively, the very stock thus held ought to have been kept undisposed of for sixty days. If sold, the plaintiff’s security was the defendants’ ability to get and to pay for other shares.
The cases referred to, such as Horton a. Morgan…
2Cases cited1 opinion
- Horton v. . MorganNew York Court of Appeals · 1859
3Cited by2 opinions
- Markham v. . JaudonNew York Court of Appeals · 1869
- Read v. LambertNew York City Court · 1871