Pacific American Realty Trust v. Lonctot

Plaintiff (respondent), Pacific American Realty Trust, is a real estate investment trust organized under the laws of the commonwealth of Massachusetts. This type of trust is frequently termed a business or Massachusetts trust.

July 3, 1962, the director of the Department of Licenses entered an order denying plaintiff the right to offer for sale, or to sell, its securities in the state of Washington,

“ . . . for the reason that the applicant’s enterprise or method of business includes or would include activities which would be illegal if performed in the State of Washington, and specifically,…