Page:United States Reports, Volume 209.djvu/584

 5 INDEX. 4. Shares o! stock held by a broker as collacral [or ghe account o! a customer hld property v! customer as agains rustee in bankruptcy; cidoct pothecation. Share of stock held by a broker  collateral for the account of a customer, upon which the latter is not indebted to the broker, are the property of the customer, and, w tim trustee ha no better right thorretro than the bankrnpt, the customer is entitled.to their possession; and iiii right not affected by the fact that the broker had hypothecated the share. In such cuse the custbner is entitled t the share, or their proceeds, when returned to the trustee if the loan hea been paid by proceed of other securitieo pledged therefor. lb. 5. Proo! o! claim o! cus against bankrupt broker not a waiver o! rht to recover ossesson o! specific stockz. Proof of claim of & customer against a broker, including value of securities deposited a collateral, does not amount to a waiver of his fight to cover posoesaiun of the specific stocks, if found, where his claim specifi- cally tatea that he does not waive such right of pomon. /b. BERNE COPYRIGHT CONVENTION. BONDED WAREHOUSE. BONDS. BOUNDARII. UBLIC LANDS, 1. BROKE. While a hrnk wo carrle stocks for a customer on margin may not be strictly a pledgee at common law, he is eesenfiaily a pledgee and not the owner o! the stock. M,rm v. Jmon, 41 N.Y. 235, approval. either the right of the broker to repledre stock carried on  for a customer, nor Ms right to sell such stock for Ms protection when the margin is exhausted, airere the relation of the ps. rtle, is inconslatont with the customer's ownership, or converts the hroker into the owner of the stock. . 3. tockbrokzrs; chage o I certlate az change in protg rig  I brok A certificate of stock is nt the property itself but the evidence of the prop-

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