Giles

The plaintiff appeals from a judgment which was given in favor of defendant upon a motion for judgment upon the pleadings made upon the ground that the complaint did not state a cause of action. The complaint declared upon a broker’s bond executed by respond ent, The Aetna Casualty and Surety Company, for defendant Welling, on May 7, 1925, pursuant to the Corporate Securities Act. The bond was, therefore, given pursuant to the provisions of that act as it existed prior to the amendment of 1925, which was approved May 23, 1925 (Stats. 1925, p. 962), and which took effect ninety days after the legislature adjourned. The complaint alleged that plaintiff in May, June and July, 1925, employed defendant Welling to sell for her “certain stocks and bonds,” and to re-invest the proceeds thereof; that said defendant sold said securities and out of the proceeds thereof kept $7,000 and fraudulently failed and refused to re-invest said sum or to return said sum to plaintiff upon demand.

The motion for judgment upon the pleadings was properly granted because the complaint did not state a cause of action upon the broker’s bond. All the points raised by appellant have been directly passed upon…