Westenhaver v. Dunnavant

As disclosed by the pleadings, one Steffen Thomas, salesman for the Citizens’ Life Insurance Company, a corporation, sold to plaintiff three hundred shares of stock in said corporation for the sum of $1,500, without having first been registered as a salesman in the office of the state securities commission, as required by law (section 9896, Code 1923), and the suit is against the directors of the corporation to recover the purchase money so paid. The transaction was completely executed, and recovery could not be had without the aid of a statute. Gill Printing Co. v. Goodman, 224 Ala. 97, 139…