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Neidiger/Tucker/Bruner Inc. v. SunTrust Bank

Bank that acted as transfer agent for the sale of stock shares had a duty to disclose to the stockbroker who accepted those shares from a customer as margin trading collateral that the customer's right to transfer those shares was restricted.

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In this action, Neidiger/Tucker/Bruner/Inc. “NTB”, a broker-dealer, sought damages from SunTrust Bank, as transfer agent for Allegiant Physicians Services, Inc., in connection with the sale of certain shares of Allegiant stock pledged by two customers of NTB as collateral for margin trading accounts. The trial court dismissed NTB’s complaint against SunTrust for failure to state a claim. NTB appeals and contends that the trial court erred in concluding that SunTrust owed no common law or statutory duty to NTB. We agree and reverse.

A motion to dismiss for failure to state a claim upon which relief may be granted should not be sustained unless 1 the allegations of the complaint disclose with certainty that the claimant would not be entitled to relief under any state of provable facts asserted in support thereof; and 2 the movant establishes that the claimant could not possibly introduce evidence within the framework of the complaint sufficient to warrant a grant of the relief sought. If, within the framework of the complaint, evidence may be introduced which will sustain a grant of the relief sought by the claimant, the complaint is sufficient and a motion to dismiss should be denied. In deciding a motion to dismiss, all pleadings are to be construed most favorably to the party who filed them, and all doubts regarding such pleadings must be resolved in the filing party’s favor.

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