Legal Opinion
Condux v. Neldon
Appellate Court of Illinois
Decided April 23, 1980No. 78-1387PublishedCited by 11 opinions
1Opinion of the CourtJustice Simon
When is a sale of stock not a sale of securities? When it is the sale of a business.
The defendant owned all the stock of Blue Island Gun Shop, Inc., a retail business. For $186,000, he sold it all to the two plaintiffs, who took over the business and operated it for 2M years. Dissatisfied with the results, they sued to rescind the sale, claiming it was a sale of unregistered securities, in violation of the Illinois Securities Law of 1953 (Ill. Rev. Stat. 1973, ch. 121)2, pars. 137.1 through 137.19) (the Act). The circuit court dismissed the complaint for failure to state a cause of action. We…
2Cases cited25 opinions
- Standard Oil Company of New Jersey, Appts. v. United StatesSupreme Court of the United States · 1910
- Securities and Exchange Commission v. W. J. Howey Co.Supreme Court of the United States · 1946
- United Housing Foundation, Inc. v. FormanSupreme Court of the United States · 1975
- Tcherepnin v. KnightSupreme Court of the United States · 1967
- Securities & Exchange Commission v. C. M. Joiner Leasing Corp.Supreme Court of the United States · 1943
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3Cited by11 opinions
- Doherty v. KahnAppellate Court of Illinois · 1997
- Torres v. DivisAppellate Court of Illinois · 1986
- Kaiser v. OlsonAppellate Court of Illinois · 1982
- Boatmen's Bank of Benton v. DurhamAppellate Court of Illinois · 1990
- Ronnett v. American Breeding Herds, Inc.Appellate Court of Illinois · 1984
6 more not listed; retrieve them via the Exa API.