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MIDWEST MANAGEMENT CORP. v. STEPHENS

No. 62062.

291 N.W.2d 896 (1980)

MIDWEST MANAGEMENT CORPORATION, Appellant, v. Morris STEPHENS, John A. Stephens, Lyman J. Clark, Jr., and Richard K. Hollingsworth, Appellees.

Supreme Court of Iowa.

April 23, 1980.

Attorney(s) appearing for the Case

Richard G. Santi of Ahlers, Cooney, Dorweiler, Haynie & Smith, Des Moines, for appellant.

Robert E. Dreher and James L. Sayre of Dreher, Wilson, Adams & Jensen, Des Moines, for appellee Morris Stephens.

David S. Wiggins of Williams, Hart & LaMarca, West Des Moines, for appellees John A. Stephens, Clark, and Hollingsworth.

Considered by REYNOLDSON, C. J., and LeGRAND, UHLENHOPP, McCORMICK and LARSON, JJ.

UHLENHOPP, Justice.

This appeal requires us to decide whether the trial court properly sustained the defendants' motions for summary judgment in an action for breach of contract based on defendants' failure to perform their part of a stock subscription agreement. We consider both the Iowa and federal law of securities as well as the common law of contracts.

Plaintiff Midwest Management Corporation is an Iowa corporation organized in June 1969. Initially it...

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