State v. Monex International, Limited

McCLOUD, Chief Justice.

The State of Texas sued to enjoin Monex International, Ltd., d/b/a, Pacific Coast Coin Exchange from selling securities alleging that Pacific had not complied with the registration requirements of the Texas Securities Act. Tex.Rev.Civ.Stat.Ann. Article 581-1 through 581-89.

In a nonjury trial the court denied the injunction and concluded that Pacific does not sell securities within the meaning of the Texas Securities Act.

The State has appealed. We affirm.

Our disposition requires only a brief discussion of the facts.

Pacific deals primarily in “bags” of United States…