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March 23, 2021

eBook details

Title: Meehan v. North Adams Sav. Bank
Author : Supreme Court of Minnesota
Release Date : January 16, 1939
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 70 KB

Description

LUMMUS, Justice. The facts appear in the report of a master. The plaintiff was a clergyman in Greenfield. He was friendly with one Coyne, a young man in his parish, and trusted him. Coyne was a customers man for Goodbody and Company, a stock brokerage house in New York with a branch office at North Adams in charge of one Dudley. The plaintiff closed out his account with another brokerage house, and through Coyne opened a margin account with Goodbody and Company on September 27, 1927. He did all his business with Goodbody and Company through Coyne. At the close of business on October 28, 1929, Goodbody and Company held for the plaintiff securities of the market value of $69,225, against which the plaintiff owed them $46,411.19, leaving an equity in the account worth $22,813.81. The account was short $536.19 of the margin required by Goodbody and Company, but apparently that caused no anxiety.

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