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PRUDENTIAL-BACHE SECURITIES, INC. v. STRICKLIN

No. 89-2042.

890 F.2d 704 (1989)

PRUDENTIAL-BACHE SECURITIES, INC., Plaintiff-Appellee, v. James M. STRICKLIN, Defendant-Appellant.

United States Court of Appeals, Fourth Circuit.

Decided December 6, 1989.

Attorney(s) appearing for the Case

L. Holmes Eleazer, Jr. (Fenton T. Erwin, Jr., Weinstein & Sturges, P.A., Charlotte, N.C., on brief), for defendant-appellant.

Richard Byron Whisnant (John R. Wester, Robinson, Bradshaw & Hinson, P.A., Charlotte, N.C., on brief) for plaintiff-appellee.

Before POWELL, Associate Justice (Retired), United States Supreme Court, sitting by designation, and ERVIN, Chief Circuit Judge, and HILTON, United States District Judge, sitting by designation.

POWELL, Associate Justice:

The question presented is whether appellee wrongfully liquidated appellant's trading positions in "naked put options" on October 16, 1987. We find that appellee's action was authorized by contract and does not provide a legal defense to a valid debt owed by appellant to appellee. Accordingly, we affirm the district court's grant of appellee's motion for summary judgment.

I.

Appellant James M. Stricklin was a broker in the...

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