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Swan, Culbertson & Fritz vs. Securities and Exchange Commission, et al

SWAN, CULBERTSON & FRITZ, petitioner, vs. THE SECURITIES AND EXCHANGE COMMISSION and VICENTE GALIAN, respondents.

G.R. No. 45792 | 1938-11-22

D E C I S I O N


DIAZ, J:

On April 10, 1937, Vicente Galian, desiring to sell 20,000 shares of Gumaus Goldfields, Inc., of which he was the absolute owner, placed in the hands of the petitioner, a broker, certificate No. 3818 of said corporation, representing the 20,000 shares in question. He then gave said broker the necessary authority, agreed between them to be valid until cancelled, to sell the shares at P0.185 per share. Upon learning on the 13th of said month and year that said shares had not been sold to that date, Vicente Galian cancelled its authority. Instead of returning his original certificate, the petitioner, on that same...