Frederick H. Smith, Jr., Appellant and Respondent v. Francis W. Savin, Impleaded

Summary

The New York Court of Appeals affirmed the judgment for the plaintiff, holding that Savin & Co., as bona fide pledgees, violated Stock Exchange rules in selling the plaintiff's stock and are liable for conversion damages measured by the highest price the stock could have fetched within a reasonable time, after deducting the debt owed, while the sale of other securities was proper.