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STEIN v. TWILIGHT MOTEL, INC.

Gen. No. 48,113.

29 Ill. App.2d 131 (1961)

172 N.E.2d 642

Seymour Stein and Mollie Kronenberg, Individually and as Trustees for the Steinco Syndicate, Plaintiffs-Appellants, v. Twilight Motel, Inc., of Florida, a Corporation, Morris Alters, Harold Beider and Louis Grombacher, Defendants-Appellees.

Appellate Court of Illinois — First District, Second Division.

February 21, 1961.

Attorney(s) appearing for the Case

Sonnenschein, Lautmann, Levinson, Rieser, Carlin & Nath, of Chicago (James M. Goff, of counsel) for appellants.

Koven, Koven, Salzman & Homer, of Chicago (Sheldon O. Collen, of counsel) for appellees.

MR. PRESIDING JUSTICE BURKE delivered the opinion of the court.

This appeal involves an action to recover the purchase price of securities sold to plaintiffs in the alleged violation of the Illinois Securities Law of 1953. Defendants moved for summary judgment on the ground that the sale to plaintiffs was an exempt transaction under Section 4(C) of that Act as a sale to an "association engaged as a substantial part...

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