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IN RE WEISBERG

No. 96-55528.

136 F.3d 655 (1998)

In re Herbert Herman WEISBERG; Delphine Ruth Weisberg, Debtors, Edward M. WOLKOWITZ, Trustee; Plaintiff-Appellant, and David R. Weinstein, Appellant, v. SHEARSON LEHMAN BROTHERS, INC., Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided February 17, 1998.

Attorney(s) appearing for the Case

David R. Weinstein, Weinstein & Eisen, Los Angeles, CA, for plaintiff-appellant.

Stacey M. Garrett, Keesal, Young & Logan, Long Beach, CA, for defendant-appellee.

Before: LAY, GOODWIN and SCHROEDER, Circuit Judges.

LAY, Circuit Judge:

This case concerns the applicability of the automatic stay provision under 11 U.S.C. § 362 to the liquidation of a debtor's shares of stock by a stockbroker under a "margin loan."

Herbert Herman Weisberg ("Weisberg") entered a "Client Agreement" with Shearson Lehman Brothers, Inc. ("Shearson"), a licensed stockbroker, and placed shares of stock in a cash account with Shearson. The Client Agreement contained terms by which a customer...

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