Stein v. Twilight Motel, Inc.

MR. PRESIDING JUSTICE BURKE

delivered the opinion of the court.

This appeal involves an action to recover the purchase price of securities sold to plaintiffs in the alleged violation of the Illinois Securities Law of 1953. Defendants moved for summary judgment on the ground that the sale to plaintiffs was an exempt transaction under Section 4(C) of that Act as a sale to an “association engaged as a substantial part of its business or operations in purchasing or holding securities.” Sec. 137.4(C), Ch. 121-½, Ill. Rev. Stat. 1959. The court granted the motion and entered judgment for the…