[DOWNLOAD] "Colonial Realty Corp. v. Bache & Co." by United States Court of Appeals for the Second Circuit # eBook PDF Kindle ePub Free

📘 Read Now 📥 Download

eBook details

Title: Colonial Realty Corp. v. Bache & Co.
Author : United States Court of Appeals for the Second Circuit
Release Date : January 10, 1966
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 67 KB

Description

FRIENDLY, Circuit Judge: Colonial Realty Corporation, a Delaware corporation with its principal place of business in Pennsylvania, brought this action in the District Court for the Southern District of New York against Bache & Co., a limited partnership organized pursuant to the New York Partnership Law and engaged in securities brokerage in New York City. The controversy arises out of Bache's sales of securities in Colonial's margin account during the stock market dip of May and June 1962. Bache claimed it acted under authority of a clause in its standard form of margin contract in which Colonial covenanted to ""maintain such margins as you may from time to time require, upon my accounts, and promptly meet all margin calls."" Colonial relied on an alleged oral agreement that Bache would not require a margin in excess of the minimum requirements of the New York Stock Exchange and also claimed negligence on Bache's part. With respect to all securities sold to meet calls exceeding the Stock Exchange's minimum, Colonial sought to recover the losses it had suffered, running into millions of dollars, and some $100,000 in commissions which Bache had collected.1