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YOUNG v. KWOCK

No. 4946.

474 P.2d 285 (1970)

Thomas A. S. YOUNG and Richard C. S. Yee, Plaintiffs-Appellees, v. Daniel KWOCK, Francis W. C. Hu and Jane Kwock Hu, Defendants-Appellants.

Supreme Court of Hawaii.

Rehearing Denied September 21, 1970.

Attorney(s) appearing for the Case

J. Harold Hughes, Honolulu (Hughes, Steiner & Rohlfing, Honolulu, of counsel), for defendants-appellants.

Herbert Y.C. Choy, Honolulu (Olen E. Leonard, Jr., Honolulu, on the brief, Fong, Miho, Choy & Robinson, Honolulu, of counsel), for plaintiffs-appellees.

Before RICHARDSON, C.J., and MARUMOTO, ABE, LEVINSON and KOBAYASHI, JJ.

ABE, Justice.

The Ala Moana Stardust Lanes, Inc., a Hawaii corporation (hereinafter "Stardust Lanes") negotiated at least 26 unregistered promissory notes to 37 persons during the period from April 12, 1962 through March 20, 1963. Each of the plaintiffs purchased one of the above mentioned notes for $5,000, and when neither principal nor interest was paid on either note, both elected to rescind the sale pursuant to HRS § 485-20(a) alleging the sales were unlawful...

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