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LIMBAUGH v. MERRILL LYNCH, PIERCE, FENNER & SMITH

No. 82-7347.

732 F.2d 859 (1984)

Carl M. LIMBAUGH, Plaintiff-Appellant, v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., a corporation, et al., Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

May 21, 1984.

Attorney(s) appearing for the Case

Leo E. Costello, Birmingham, Ala., for plaintiff-appellant.

N. Lee Cooper, A. Inge Selden, III, Birmingham, Ala., for defendants-appellees.

Before GODBOLD, Chief Judge, RONEY and SMITH, Circuit Judges.

RONEY, Circuit Judge:

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...

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