Legal Definition and Related Resources of Stockbroker
Meaning of Stockbroker
One who buys and sells stocks as an agent for others. His functions are much broader than that of an ordinary broker or agent employed merely as a negotiator. Frequently he is called upon to take the purchase in his own name, paying all or part of the purchase price and is entrusted with the possession of the securities dealt in, receiving or delivering them without the name of the principal being disclosed. In purchasing the stock he is an agent; in advancing money for the purchase, he becomes a creditor ; and finally in holding the stock to secure the advances made he becomes a pledgee of same. until the purchase money is paid to him by the client , he has a lien upon the stock for the amount of the money advanced by him. Re Toole, (C.A.2)274 F. 337, 24 A.L.R. 470.
Related Entries of Stockbroker in the Encyclopedia of Law Project
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Stockbroker in Historical Law
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Legal Abbreviations and Acronyms
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