Nakashima v. Muth

Opinion

DAVID, J,*

appeal from plaintiff’s judgment on a $60,000 promissory note. Due execution, delivery and nonpayment were admitted; but it is contended that both the note and the transaction in which it was given were void, violating Corporations Code sections 26100 and 26103 prohibiting the sale of any corporate security without the permit of the Corporations Commissioner. The trial court found that the permit requirement was inapplicable, under the exceptions of Corporations Code section 25152, subdivision (a) (repealed, 1968, now covered by § 25104, subd. (a)). This conclusion was amply…