Spears v. Lawrence Securities, Inc.

Plaintiffs purchased a security which was sold in violation of the Oregon Blue Sky Law in that the .security was not registered with the Corporation Commissioner. Plaintiffs sued for the purchase price pursuant to OES 59.250. The proceeding against the corporate defendants was stayed by the bankruptcy court. A verdict was directed against the four appealing defendants. The question is, are these defendants persons who are liable as a matter of law for the purchase price ? The answer lies in the interpretation of the Oregon Blue Sky Law. OES 59.010 et seq.

OES 59.250(1) provides:

“* * * the…