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LEAN v. REED

No. 49S02-0701-CV-14.

876 N.E.2d 1104 (2007)

Ralph E. LEAN, Appellant (Defendant below), v. Charles D. REED and Paul A. Reinken, Appellees (Plaintiffs below), and Galaxy Online, Inc. and Galaxy Internet, Inc., Appellees (Defendants below).

Supreme Court of Indiana.

November 27, 2007.

Attorney(s) appearing for the Case

Lynne D. Lidke, Michael B. Langford, A. Jack Finklea, Indianapolis, IN, Attorneys for Appellant.

Martin T. Fletcher, Sr., David E. Bailey, Fort Wayne, IN, Attorneys for Appellees.

BOEHM, Justice.

The Indiana Securities Law creates liability of a director of a corporation for violations of the requirement that the corporation's securities be registered and for misrepresentations and omissions of material facts in the sale of its securities. The director may establish a defense that in the exercise of reasonable care he did not know and could not have known of the violations. In most cases reasonable care is a fact issue. However, where it is...

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