90 N.Y. 368 | NY | 1882
This case involves a question as to the measure of damages upon a sale of stock, which the defendants purchased and agreed to carry for the plaintiff until instructions were given by him to sell, or for a period of six months. A guaranty was given to the defendants by another party against loss, and the defendants, upon being notified by the guarantor that he withdrew his guaranty, gave notice thereof to the plaintiff that, unless he placed a margin in their hands at a time named upon the next day, they would close out the stock at that time. This not being done the stock was sold. It may be assumed that the sale was unauthorized, and the main question presented relates to the rule of damages. The testimony shows that for thirty days after the sale this stock could have been purchased in the market for the price at which it was sold or for a less sum, and the court held that only nominal damages could be recovered, and directed a verdict accordingly.
In Baker v. Drake (
If this rule be applicable to the facts presented in the case at bar, then no error was committed by the judge in his direction to the jury. It is urged, however, by the counsel for the appellant that as the plaintiff had supplied the defendants with an acceptable guaranty, his rights were the same as if he *371
had paid the purchase-money in full, and that in such case the rule stated does not apply. In the case cited it is laid down that where the stocks have been paid for and are owned by the person for whom they are purchased different considerations would arise (
The plaintiff not having paid or become liable to pay any money on account of the guaranty, the question considered is settled by the case cited. (See also S.C., reported in
The judgment should be affirmed.
All concur.
Judgment affirmed. *372