Brown v. Cole

I respectfully dissent. It is my opinion that if the petitioner, Brown, had presented the matters involved here to the Securities Division of the office of the Secretary of State for a determination, he would have been advised that the transaction was exempt under Article 600a, Vernon’s Annotated Civil Statutes. It seems to me that this conclusion is inescapable in view of the evidence that respondents, Gould and Cole, placed no reliance whatever on any representation of Brown, but to the contrary agreed to make the loan after a careful independent investigation. The respondents concede that…