Herrlein

This is an appeal by two of the defendants, Fred A. Tocchini and TI. J. Tocchini, from a coercive declaratory judgment in favor of plaintiffs.

The factual background of the controversy, being somewhat involved and having unusual ramifications, will be set forth chronologically and at length: On or about May 15, 1928, the appellants, Fred A. Tocchini and H. J. Tocchini, the former being the more active in the transaction, gave a telephone order to Lilienthal, Bremer & Company, brokers, for a “buyer 60” contract covering 200 shares of Bancitaly stock. Prior to said date respondent Philip G. Herrlein had informed Lilienthal, Bremer & Company that he desired to enter into a “buyer 60” contract as seller. Accordingly, when the brokerage firm received appellants’ telephone order it immediately purchased on the stock exchange for the account of Herrlein 200 .shares of the stock specified by appellants. Confirmation of the purchase was forwarded to Herrlein, who, in due time, paid for same with his personal check. The stock was thereafter indorsed and left with the brokers for sale to appellants under the terms of the contract requested. Appellants were duly informed, in writing, of the…