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STELLA v. DEAN WITTER REYNOLDS

241 N.J. Super. 55 (1990)

574 A.2d 468

LIDA M. STELLA, PLAINTIFF, v. DEAN WITTER REYNOLDS, INC., DEFENDANT-RESPONDENT-CROSS-APPELLANT, AND DEAN WITTER REYNOLDS HIGH YIELD SECURITIES, INC., AND CLIFFORD R. MURRAY, DEFENDANTS, AND MORGAN GUARANTY TRUST COMPANY OF NEW YORK, DEFENDANT-RESPONDENT. MIDLANTIC NATIONAL BANK/SOUTH, DEFENDANT-RESPONDENT-THIRD-PARTY PLAINTIFF-APPELLANT, v. JOHN J. SYKES, JR., THIRD-PARTY DEFENDANT-RESPONDENT-CROSS-APPELLANT, AND THOMAS J. MCDONOUGH, JR., THOMAS J. MCADAM, JR., SCOTT A. CONESKY, THERESA CONESKY, EDWARD H. KAY, REGINA A. KAY, MARGARET WHITE, ELMER J. PARSONS, NANCY L. PARSONS, ELEANOR DOWNER, S. WHITNEY DOWNER, LUCILLE M. ROBERTSON, GWENN GRAVES HAMILTON, ROBERT H. BROWN, BEVERLY A. BROWN AND MARY L. BROWN, THIRD-PARTY DEFENDANTS.

Superior Court of New Jersey, Appellate Division.

Decided April 24, 1990.

Attorney(s) appearing for the Case

Charles H. Hoens, Jr. argued the cause for appellant-cross-respondent Midlantic National Bank/South (Lum, Hoens, Abeles, Conant & Danzis, attorneys; William D. Wallach, on the brief).

William C. Todd, III argued the cause for respondent-cross-appellant John Sykes, Jr. (William C. Todd, III, attorney; William C. Todd, on the brief).

Jeffrey Speiser argued the cause for respondent-cross-appellant Dean Witter Reynolds, Inc. (Hellring, Lindeman, Goldstein, Siegel, Stern & Greenberg, attorneys; Richard K. Coplon and Jeffrey Speiser, of counsel and on the brief).

William John Kearns, Jr. argued the cause for respondent Morgan Guaranty Trust Company of New York (Kearns & Kearns, attorneys; William John Kearns, Jr., on the brief).

Before Judges DEIGHAN, COHEN and BROCHIN.

The opinion of the court was delivered by BROCHIN, J.A.D.

In 1970, Clifford Murray, a stockbroker who was employed as an account executive by Dean Witter Reynolds, Inc., successfully solicited John Sykes, a friend or longtime acquaintance, to open an investment account at Dean Witter's Atlantic City office and to purchase investment securities through Murray. Eventually Sykes' account became an "Active Assets" account with check-writing privileges and Sykes used it...

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