A Treatise On the Laws of the Stock Exchange
A Treatise On the Laws of the Stock Exchange
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Universal sup. At p. 334, per A. L. Smith, Stock Exchange (No. 1), ubi L. J. ; Reggio v. Steven, 4 T. Sup. ; In re Cronmire, Ex p.
L. E. 316; In re Cronmire, Waud, ubi sup.
232 GAMING AND WAGERING LEEMAN's ACT.
What amounts to appropria- tion.
If he first loses and then wins, his right to recover the deposit depends on whether it was actually appropriated to the earlier losses. Where money is deposited as cover, it is usual for the parties to agree that it shall be automatically appropriated to... losses as they occur. Where securities are deposited, apart from special agreement, they can only be appropriated by a genuine authorised sale by the dealer.
The appropriation, to be effective, must be a real appropriation to a real loss. A good illustration, both of the application of this principle, and of the means adopted in the attempt to evade the effect of the Graining Acts, is to be found in the case of In re in re Duncan. Duncan (#), which arose out of transactions which were held to be gaming.
What to read after A Treatise On the Laws of the Stock Exchange?
You can find similar books in the "Read Also" column, or choose other free books by Walter George Salis Schwabe to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Universal sup. At p. 334, per A. L. Smith, Stock Exchange (No. 1), ubi L. J. ; Reggio v. Steven, 4 T. Sup. ; In re Cronmire, Ex p.
L. E. 316; In re Cronmire, Waud, ubi sup.
232 GAMING AND WAGERING LEEMAN's ACT.
What amounts to appropria- tion.
If he first loses and then wins, his right to recover the deposit depends on whether it was actually appropriated to the earlier losses. Where money is deposited as cover, it is usual for the parties to agree that it shall be automatically appropriated to... losses as they occur. Where securities are deposited, apart from special agreement, they can only be appropriated by a genuine authorised sale by the dealer.
The appropriation, to be effective, must be a real appropriation to a real loss. A good illustration, both of the application of this principle, and of the means adopted in the attempt to evade the effect of the Graining Acts, is to be found in the case of In re in re Duncan. Duncan (#), which arose out of transactions which were held to be gaming.
What to read after A Treatise On the Laws of the Stock Exchange?
You can find similar books in the "Read Also" column, or choose other free books by Walter George Salis Schwabe to read onlineMoreLess
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