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McCLELLAN v. SUNDHOLM

No. 44620.

89 Wn.2d 527 (1978)

574 P.2d 371

RICHARD A. McCLELLAN, ET AL, Appellants, v. CONRAD S. SUNDHOLM, ET AL, Respondents.

The Supreme Court of Washington, En Banc.

January 19, 1978.

Attorney(s) appearing for the Case

Walstead, Mertsching, Husemoen & Donaldson, and Charles T. Mertsching (John M. Berman, of counsel), for appellants.

Harry R. Calbom, Jr., and J.A. Hamm (of Calbom, Cox, Andrews, Hamm & Pond), for respondents.

HOROWITZ, J.

This appeal raises the question whether a scheme for the sale of silver bullion for investment purposes involves the sale of a security which must be registered under Washington's securities act. Sale of an unregistered security is unlawful under RCW 21.20.140 and subjects the seller to civil liabilities under RCW 21.20.430(1). We hold that the silver purchase scheme in this case was a scheme for the sale of a security within the meaning of the securities...

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