[Download] "Raulerson v. Wainwright" by Eleventh Circuit U.S. Court of Appeals * Book PDF Kindle ePub Free
eBook details
- Title: Raulerson v. Wainwright
- Author : Eleventh Circuit U.S. Court of Appeals
- Release Date : January 01, 1984
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 65 KB
Description
When Carl M. Limbaugh failed to deliver 182 shares of stock to cover a sale made for him by stockbrokers Merrill Lynch, Pierce, Fenner & Smith, Inc. (Merrill Lynch), Merrill Lynch liquidated a portion of his Ready Assets Trust account to buy shares for delivery to the purchaser. Limbaugh then sued Merrill Lynch for conversion, seeking actual and punitive damages. The district court granted summary judgment for Merrill Lynch on the ground that there was no conversion under Alabama law. Although we agree that Limbaugh owed the 182 shares of stock to Merrill Lynch, we hold that absent contractual or other authorization, Merrill Lynch could not simply liquidate the Ready Assets account to cover this debt.
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