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SHIMER v. WEBSTER

No. 3988.

225 A.2d 880 (1967)

H. A. SHIMER, Jr., Margaretta Shimer, J.A. Ott, Edward McDevitt, Paul A. Koontz, J. H. Boak, Appellants, v. Sherwood F. WEBSTER, Appellee.

District of Columbia Court of Appeals.

Decided January 19, 1967.

Rehearing Denied February 14, 1967.

Attorney(s) appearing for the Case

Edgar B. May, Washington, D. C., for appellants.

C. William Tayler, Washington, D. C., for appellee.

Before HOOD, Chief Judge, QUINN, Associate Judge, and CAYTON (Chief Judge, Retired).

CAYTON, Judge.

This was an action to rescind a contract for the sale of stock and to recover the price paid under the provisions of the Securities and Exchange Act of 1933 (15 U.S. C. § 77a et seq.). The trial court held that the transaction was exempt from registration with the Securities and Exchange Commission by virtue of its nonpublic nature and that therefore the strict liability imposed on unregistered public sales of stock was not applicable. From that...

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