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ILL. NAT'L BK. v. GULF STATES ENERGY CORP.

Nos. 80-891, 80-892 cons.

102 Ill. App.3d 1113 (1981)

429 N.E.2d 1301

ILLINOIS NATIONAL BANK & TRUST CO., Trustee, Plaintiff-Appellee, v. GULF STATES ENERGY CORPORATION et al., Defendants-Appellants. — RICHARD KALLENBACH et al., Plaintiffs-Appellees, v. GULF STATES ENERGY CORPORATION et al., Defendants-Appellants.

Appellate Court of Illinois — Second District.

Rehearing denied January 27, 1982.

Attorney(s) appearing for the Case

Bernard P. Reese, Jr., of Reese and Reese, of Rockford, for appellants.

Robert W. Gosdick, of Rockford, for appellees.

Reversed in part, and modified in part and remanded.

JUSTICE HOPF delivered the opinion of the court:

Defendants, Gulf States Energy Corporation and Royal Russell, appeal the rescission of certain transactions concerning fractional interests in oil and gas leases. The Winnebago County Circuit Court held these transactions to be sales of securities within the meaning of the Illinois Securities Act (Ill. Rev. Stat. 1973, ch. 121 1/2, par. 137.1 et seq.

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