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WEIDNER v. ENGELHART

Civ. No. 8577.

176 N.W.2d 509 (1970)

Henry WEIDNER and Hertha Weidner, Plaintiffs and Appellants, v. Ed ENGELHART [Engelhardt], P. W. Blank, Charles Tighe, Matt G. Koffler, H. E. Sondreal, P. W. Lanier, Ray Lorenz, George Letvin, John Zoller, Gilbert Saxowsky, State Acceptance Corporation, the Liberty National Bank and Trust Company, Paul McCann Company, a partnership, Paul McCann and Company, a partnership, Orser, Olson, Wolfe & St. Peter, a partnership, and St. Paul Fire & Marine Insurance Company, a corporation, Defendants, and P. W. Blank, Charles Tighe, H. E. Sondreal, P. W. Lanier, Ray Lorenz and George Letvin, Defendants and Respondents.

Supreme Court of North Dakota.

Rehearing Denied April 29, 1970.

Attorney(s) appearing for the Case

Freed, Dynes & Malloy, Dickinson, and William G. Lince, Elgin, for plaintiffs and appellants.

Vogel, Bair & Graff, Mandan, for respondent Charles Tighe.

Wattam, Vogel, Vogel & Peterson, Fargo, for respondent P. W. Lanier.

Thompson, Lundberg & Nodland, Bismarck, for respondent P. W. Blank.

R. W. Wheeler, Bismarck, for respondent H. E. Sondreal.

Fleck, Smith, Mather, Strutz & Mayer, Bismarck, for respondent Ray Lorenz.

Floyd B. Sperry, Bismarck, and Robert B. Baird, Dickinson, for respondent George Letvin.

TEIGEN, Chief Justice.

This is an appeal from multiple summary judgments dismissing six directors of State Acceptance Corporation from an action commenced by the purchasers of stocks, promissory notes, and subordinate debentures (securities), issued by the corporation and alleged to have been sold to them in violation of certain provisions of the Securities Act. Chapter 10-04, N.D. C.C.

The corporation had nine directors. Zoller has defaulted and two, Koffler...

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