Hamlin County Livestock Sales Pavilion Co. v. Karlstad

Defendant, with others, signed a subscription contract whereby they each agreed to purchase and pay for a specified amount of the capital stock .of a certain corporation to be thereafter organized. Such corporation was organized thereafter, and defendant was called on to pay for and receive the stock for which he had subscribed. This he refused to do.

One of the grounds on which defendant refused to pay for *83said stock is that the parties to the said subscription contract had not complied with the so-called “Blue Sky” Law (sections 10127, 10149, inclusive, Code 1919)) claiming that for that…