[Download] "Royal Resources v. Gibralter Financial" by Court of Appeals of Utah * Book PDF Kindle ePub Free
eBook details
- Title: Royal Resources v. Gibralter Financial
- Author : Court of Appeals of Utah
- Release Date : January 05, 1979
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 66 KB
Description
The facts giving rise to this lawsuit are not generally in dispute. The corporate defendants (hereinafter collectively referred to as "Gibralter"), were engaged in the securities trading business and defendant, Lynn Dixon, (hereinafter "Dixon") was the president of Gibralter and acted as its broker, selling stocks using both his own account and customer accounts. Plaintiff had an ongoing business relationship with Gibralter which centered upon a practice known in the securities trading business as "early settlement." Under said practice, when Gibralter engaged in a transaction involving the sale of stock, which would normally require a seven-day settlement period, plaintiff would advance sums of money by way of such early settlements so that Gibralters customers could obtain their sale proceeds prior to the lapse of the seven-day period. The procedure simply involved the execution of an assignment by the customer of the sales proceeds being held by Gibralter, which, in due time, would pay the same over to plaintiff, thus completing the transaction.