Martinez

Plaintiff Anneliese Martinez appeals from an adverse judgment in her action against defendant, a stockbroker. She contended that defendant converted her property by selling shares of stock in Cutter Laboratories, Inc. (Cutter) represented by certificates in the name of plaintiff and her husband, Frank, and thereafter delivering all of the proceeds to him. In a non-jury trial the court found against her contentions. We agree, and affirm the judgment.

It was stipulated that the shares were the community property of Frank and of plaintiff. Defendant knew of the community property nature of the stock and of its proceeds. Frank had done business with defendant for many years, albeit on a sporadic basis. An account in his name was maintained by defendant. At least one employee of defendant had met plaintiff. On January 18, 1966, Frank presented to defendant certificates for 17,561 shares of Cutter. He also delivered stock powers, separate from the certificates, to defendant. All of the stock powers, it is agreed without dispute, were endorsed in blank with plaintiff’s genuine signature. Frank stated that he thought Cutter was going to decline in value and instructed defendant…