Towery v. Lucas

Plaintiff appeals from a summary judgment in favor of defendants in this action for securities laws violations. We reverse and remand.

We view the facts from the record on summary judgment in the light most favorable to the nonmoving party. Gaston v. Parsons, 318 Or 247, 251, 864 P2d 1319 (1994).

John Lucas, Stephen Lindell and plaintiff each owned a one-third interest in a parcel of property, known as the “Stayton property,” on which they intended to build a shopping mall. Robert Freres and the Freres Foundation (Freres) held the first mortgage on the property.

In 1987, Lucas, Lindell and…