[Download] "Foreman v. Holsman" by Supreme Court of Illinois " eBook PDF Kindle ePub Free
eBook details
- Title: Foreman v. Holsman
- Author : Supreme Court of Illinois
- Release Date : January 20, 1957
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 58 KB
Description
The issue on this appeal is whether the purchasers of an unregistered security are precluded from rescinding the sale, pursuant
to section 37 of the Illinois Securities Act of 1919, as amended, (Ill. Rev. Stat. 1951, chap. 121 1/2, par. 132,) because
of a contemporaneous agreement in which they purported to release the seller from any liability under the act. In 1950, the plaintiffs, Sidney and Ruth Foreman, purchased 60 shares of beneficial interest in a certain trust for $6000.
This trust, called the Jackson-Laramie Garden Homes Mutual Ownership Trust, had been created earlier that year for the purpose
of constructing and operating an apartment house project. The purchasers agreed, in writing, to release the seller "from the
provisions of the Illinois Securities Act," and their trust certificate provided that the parties "hereby release each other
from any requirement of, or liability under, the Illinois Securities Law."