Lamb v. Young

Plaintiff brought several lawsuits, consolidated for trial, to foreclose stock pledged to secure promissory notes. The notes were given in consideration of plaintiff’s lending money to the defendants to purchase the stock. The trial court, sitting without a Jury, found that the plaintiff had participated in the sale of the stock to the defendants, that the sale was in violation of the Oregon Securities Law because the stock was not registered and, therefore, plaintiff could not recover on the notes or foreclose the stock.

The plaintiff asserts that the defendants were barred by the time…