Salzbrenner v. Beckham

Plaintiffs appeal from an order entered by the circuit court of Winnebago County dismissing their amended complaint for rescission of a contract involving the sale of certain securities. The issue to be resolved is whether amendments to the Illinois Securities Law of 1953 (Ill. Rev. Stat. 1981, ch. 1211/2, par. 137.1 et seq.) that became effective after the contract for sale was executed are to be applied retroactively, thereby precluding plaintiffs from maintaining this action.

By way of background, the Illinois Securities Law of 1953 (hereinafter the Act) provides that no security may be…