5? INDEX. 4. Shares o! stock held by a broker as colla?cral [or ghe account o! a customer h?ld property v! customer as agains? ?rustee in bankruptcy; cidoct pothecation. Share? of stock held by a broker ? collateral for the account of a customer, upon which the latter is not indebted to the broker, are the property of the customer, and, w tim trustee ha? no better right thorretro than the bankrnpt, the customer is entitled.to their possession; and iiii? right not affected by the fact that the broker had hypothecated the share?. In such cuse the custb?ner is entitled t? the share?, or their proceeds, when returned to the trustee if the loan hea been paid by proceed? of other securitieo pledged therefor. lb. 5. Proo! o! claim o! cus? against bankrupt broker not a waiver o! r?ht to recover ?ossess?on o! specific stockz. Proof of claim of & customer against a broker, including value of securities deposited ?a collateral, does not amount to a waiver of his fight to cover posoesaiun of the specific stocks, if found, where his claim specifi- cally ?tatea that he does not waive such right of pom?on. /b. BERNE COPYRIGHT CONVENTION. BONDED WAREHOUSE?. BONDS. BOUNDARII?. ?UBLIC LANDS, 1. BROKE?. While a hrnk? w?o carrle? stocks for a customer on margin may not be strictly a pledgee at common law, he is eesenfiaily a pledgee and not the owner o! the stock. M?,r?m v. Jm?on, 41 N.Y. 235, approval. ?either the right of the broker to repled?re stock carried on ? for a customer, nor Ms right to sell such stock for Ms protection ?when the margin is exhausted, airere the relation of the ps. rtle?, is inconslatont with the customer's ownership, or converts the hroker into the owner of the stock. ?. 3. ?tockbrokzrs; cha?ge o I cert?l?ate az change in prot?g rig? ? I? brok? A certificate of stock is n?t the property itself but the evidence of the prop-
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