Mayfield v. Troutman

McKAY, Justice.

This is an appeal from a directed verdict rendered in an action for fraud under the Texas Securities Act.

Appellants Mayfield, Schilthuis, Brooks and Friedman were four of our nine limited partners in a Téxas limited partnership named “335, Ltd.” (335). Pursuant to the antifraud provisions of the Texas Securities Act (Tex.Rev.Civ.Stat.Ann., art. 581-1 et seq.) (Securities Act), they seek damages or rescission in connection with the purchase of their limited partnership investments. The principal questions involved in this case are: (1) whether the interests in the limited…