[Download] "Tremps v. Ascot Oils Inc." by United States Court of Appeals for the Seventh Circuit " Book PDF Kindle ePub Free
eBook details
- Title: Tremps v. Ascot Oils Inc.
- Author : United States Court of Appeals for the Seventh Circuit
- Release Date : January 12, 1977
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 59 KB
Description
CASTLE, Senior Circuit Judge. Defendants Ascot Oils, Inc. (""Ascot""), a Louisiana corporation, and James R. Cunningham, Sr., a Louisiana resident who controls Ascot, appeal from an order of the district court holding them jointly and severally liable to plaintiff for amounts paid to Ascot for interests in 11 oil and gas leases. Ascot offered and sold the interests to plaintiff's settlor, the Hon. Paul H. Buchanan, Jr., an Indiana citizen, over a period from May, 1973, to March, 1974, but it did not register the interests under the Indiana Securities Law, IND. CODE § 23-2-1-1 et seq. (IND. ANN. STAT. § 25-854 et seq., Burns, 1972). In October, 1974 Buchanan and his wife executed an assignment reconveying the interests to Ascot and tendered both the assignment and a sum covering amounts received as income from the interests to Ascot's lawyer. In April, 1975, Buchanan assigned to plaintiff, as trustee of a trust of which Buchanan was principal beneficiary, all causes of action that Buchanan had against Ascot and Cunningham. Plaintiff, a citizen of Indiana, brought the instant suit alleging violation of both federal and Indiana securities laws.
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