Smyth v. Glendinning

Citations

• 194 Pa. 550
• 45 A. 364
• 1900 Pa. LEXIS 438

Syllabus

<p>Contract— Gambling contract — Brokers.</p> <p>Where there has been a long course of dealings in stock between a broker and a customer, and the customer has finally treated the-last transaction as a purchase, and settled with the broker on this basis, paying his indebtedness, and taking away all his stocks, the settlement will legitimate all prior transactions, whatever may have been their original character.</p> <p>Where a transaction between a broker and his customer involves an actual purchase or sale, with no understanding that there is never to be a delivery, the transaction is not of a gambling character.</p> <p>Trusts and trustees — Principal and agent — Earmarking fund.</p> <p>Where an employer authorizes his bookkeeper to sell the employer’s promissory notes to note brokers, and to deposit the proceeds of the notes in the bookkeeper’s private bank account, with moneys of his own, and the bookkeeper loses the money so deposited in stock transactions, the employer has no right of action against the brokers with whom the bookkeeper dealt.</p>