Publisher's Synopsis
Excerpt from A Treatise on the Law of Corporations Having a Capital Stock, Vol. 2
In New York it is still held that the broker is but a pledgee, but a broker is entitled to pledge his customer's stock to raise money to pay for the stock, it having been purchased for the customer on margin and the broker being ready at all times to produce that amount of the stock.1 In Massachusetts still different rules prevail. In that state the rule is clearly laid down that a broker is not a pledgee of stocks which he buys for his customer on a margin, but that, on the contrary, the broker is the owner of the stock and that he is not bound to keep the stock of one customer distinct from that of another, but may take a single certificate in his own name for several customers, and may pledge the stock for advances made to himself, and that he is the per son to be taxed on such stock.2 The supreme court of the United States.
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