Witter v. Buchanan

This is an interlocutory appeal from an order granting a preliminary injunction in favor of plaintiffs and against defendants. In the underlying cause of action, plaintiffs alleged that defendants owned and operated an oil development business and sold securities to plaintiffs in violation of the Illinois Securities Law of 1953, the so-called “Blue Sky Law.” (Ill. Rev. Stat. 1981, ch. 121V2, par. 137.1 et seq.) Defendants admit that they are in the oil business, but deny that the transactions at issue involved “securities” within the meaning of the Act. They contend on appeal that plaintiffs…