Murlas Brothers Commodities, Inc. v. Bushman

This is an action on a promissory note and a counterclaim for recovery of in vestment funds. The issues are whether there was a valid antecedent obligation for the note, and whether the trial court erred in its award of damages.

Ernest Bushman (Bushman), a potato grower, began to invest in commodity futures in the Chicago Mercantile Exchange (Exchange) through a Stevens Point agent of Murlas Brothers Commodities, Inc. (Murlas), in September, 1968. He had during preceding years dealt in commodity futures through another broker. On April 21,1969, Bushman instructed the Murlas agent in Stevens…