Shonts v. Hirliman

(after stating facts as above).

The problems presented by these motions must be solved by an analysis of the statute or by reference to similar statutes or claims of similar character, because, owing to the newness of the Securities Act of 1933, there are no cases determining them.

The Congress of the United States, for the first time in its history, undertook in 1933, to pass a statute similar to the state Corporate Securities statutes, commonly known as “blue sky laws”. They take their name from their object, which is to prevent promoters of corporate securities from selling “the blue sky” to…