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FOREMAN v. HOLSMAN

No. 34021.

10 Ill.2d 551 (1957)

141 N.E.2d 31

SIDNEY FOREMAN et al., Appellants, v. HENRY K. HOLSMAN et al., Appellees.

Supreme Court of Illinois.

Opinion filed March 20, 1957.

Attorney(s) appearing for the Case

EDWARD W. BARRETT, ROBERT A. SPRECHER, and WILLIAM L. LAMEY, all of Chicago, for appellants.

HORACE A. YOUNG, of Chicago, for appellees Henry K. Holsman, William T. Holsman, H.G. Crolland, and L.E. Adams, Jr., and KIRKLAND, FLEMING, GREEN, MARTIN & ELLIS, of Chicago, (WEYMOUTH KIRKLAND, VERNON M. WELSH, DON H. REUBEN, and THOMAS M. THOMAS, of counsel,) for appellee Trust Company of Chicago; and MADIGAN & THORSEN, of Chicago, (ROBERT THORSEN, of counsel,) for intervening petitioner-appellee.

Reversed and remanded.

Mr. JUSTICE HERSHEY delivered the opinion of the court:

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...

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