Worn v. Fry

Citations

• 84 Cal. 256
• 24 P. 40
• 1890 Cal. LEXIS 800

Syllabus

<p>Settlement of Partnership in Mining Stocks — Division of Stock — Order to Sell and Buy — Liability of Brokers. — When a partnership has dealt in mining stocks in the name of one of its members, through brokers, and an order in writing is given in the name of such member'to sell certain specified shares of stock, for the purpose, expressed in the order, of closing up the partnership account and opening an individual account with each member, and each partner gives at the same time an order to the brokers to buy for him one half of the same shares ordered to ■ be sold, if the object of the several orders is effectuated according to the intention of the parties by a division of the stock between them, without any sale or repurchase, it appearing that the partners had been jointly interested in many other stocks included in the account of the partner giving the order to sell, and that he expressed no dissatisfaction with the division, his executor cannot recover from the brokers for conversion of the stock divided, nor are they liable to such executor for the original cost of the stock ordered to be sold.</p>