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PAYABLE ACCOUNTING CORP. v. McKINLEY

No. 17589.

667 P.2d 15 (1983)

PAYABLE ACCOUNTING CORPORATION, a Utah Corporation, Plaintiff and Respondent, v. Douglas McKINLEY, Director, Utah Securities Commission, Defendant and Appellant.

Supreme Court of Utah.

June 27, 1983.

Attorney(s) appearing for the Case

David L. Wilkinson, Charles A. Carlson, Salt Lake City, for defendant and appellant.

Gerald L. Turner, Salt Lake City, Eric W. Bjorklund, Murray, Wallace R. Bennett, Salt Lake City, for plaintiff and respondent.

STEWART, Justice:

This appeal is from a summary judgment in which the district court held that two contracts offered by Payable Accounting Corporation to clients and to investors are not securities as defined by the Utah Uniform Securities Act, U.C.A., 1953, § 61-1-13(12). We reverse.

The facts are not in dispute. Payable Accounting Corporation (PAC) serves commercial enterprises by managing their accounts payable and payrolls. To subscribe to this service...

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