CALDWELL v. TRANS-GULF PETROLEUM CORP.

No. 56361.

322 So.2d 171 (1975)

Richard S. CALDWELL et al. v. TRANS-GULF PETROLEUM CORP. et al.

Supreme Court of Louisiana.

Rehearing Denied December 5, 1975.


Attorney(s) appearing for the Case

James E. Franklin, Jr., Shreveport, for defendants-applicants.

Graham Stafford, Schumacher, McGlinchey, Stafford, Mintz & Hoffman, New Orleans, for plaintiffs-respondents.


CALOGERO, Justice.

This case presents two legal issues for our determination:

(1) Is a fractional, undivided interest in a non-producing oil and gas lease a "security" as defined in Louisiana's Blue Sky Law, La.R.S. 51:701 et seq.?, and

(2) Does a material issue of fact exist as to the liability of the three defendants herein who have been cast for return of the purchase price by a decision of the...

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