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MORTON v. TULLGREN

No. 77-241.

563 S.W.2d 422 (1978)

Richard F. MORTON and Elizabeth J. Morton, Appellants, v. Paul TULLGREN et al., Appellees.

Supreme Court of Arkansas, Division 2.

Rehearing Denied April 17, 1978.

Attorney(s) appearing for the Case

Rose, Nash, Williamson, Carroll, Clay & Giroir, Little Rock, for appellants.

Adams, Covington & Younes by Donald J. Adams, Harrison, Ronald P. Kincade, Mountain Home, for appellees.

FOGLEMAN, Justice.

Appellants Richard F. Morton and Elizabeth J. Morton were held liable to appellees for an alleged violation of the Arkansas Securities Act. Each of the appellees purchased an interest, represented by a certificate of participation, in a limited partnership known as "Mountain Homes I," for which they paid $12,000. The limited partnership was formed to develop two mobile home parks and two large residential subdivisions. There were two general partners...

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