Peschke v. Wright
Appellate Terms of the Supreme Court of New York
Appeal by the defendants from a judgment in favor of the plaintiff, rendered in the Municipal Court of the city of New York, borough of Manhattan, fourth district.
1Opinion of the CourtLehman, J.
The plaintiff prior to July 30, 1914, brought through the defendants as brokers certain shares of stock. At the time he purchased these shares the parties agreed that the stocks should be carried on a ten per cent margin. On July thirtieth the money deposited by the plaintiff was considerably less than-ten per cent of the market value of the securities. The plaintiff failed upon demand to give the defendants additional margin and the defendants then had an absolute right to sell the plaintiff’s stock which they held as security for any unpaid balance, but they could make such sale only…
2Cases cited2 opinions
- Baker v. . DrakeNew York Court of Appeals · 1873
- Corn Exchange Bank v. PeabodyAppellate Division of the Supreme Court of the State of New York · 1906
3Cited by1 opinion
- Cole v. Manufacturers Trust Co.New York Supreme Court · 1937