TONGUE, Justice.
This is an action to recover money due and owing under a contract by which plaintiffs sold to defendant an interest in two racehorses and in their "earnings," in return for defendant's agreement to pay expenses involved in training and racing the horses. By affirmative defense and counterclaim, defendant contended that the contract was a "security" within the terms of the Oregon Securities Law, ORS ch. 59, and that it had not been registered, as required...
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