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17-1268.

History: L. 1957, ch. 145, § 17; L. 1967, ch. 122, § 4; L. 1979, ch. 61, § 6; L. 1982, ch. 100, § 1; L. 1997, ch. 62, § 10; Repealed, L. 2004, ch. 154, § 65; July 1, 2005.

CASE ANNOTATIONS

1. Evidence failed to establish any untrue statement of a material fact or omission to state a material fact. Allen v. Schauf, 202 Kan. 348, 353, 359, 449 P.2d 1010.

2. Corporation which materially aided in fraudulent transaction of unregistered agent liable, jointly and severally; attorney fees. Deets v. Hamilton Management Corp., 2 Kan. App. 2d 452, 454, 455, 581 P.2d 826.

3. Court without jurisdiction over nonresident directors of corporation involved in sale of unregistered limited partnership interests. Schlatter v. Mo-Comm Futures, Ltd., 233 Kan. 324, 325, 326, 337, 662 P.2d 553 (1983).

4. Cited; purpose of act explained; sale of "activator kits" constitutes sale of investment contracts (K.S.A. 17-1252(j)). Activator Supply Co. v. Wurth, 239 Kan. 610, 615, 621, 722 P.2d 1081 (1986).

5. Directors strictly liable to purchasers of unregistered securities sold in violation of statute; must prove absence of knowledge. Taylor v. Perdition Minerals Group, Ltd., 244 Kan. 126, 131, 766 P.2d 805 (1988).

6. Arbitration of claim against broker under Kansas securities clause where customer's margin securities account contained arbitration clause determined. Reed v. Bear, Stearns & Co., Inc., 698 F. Supp. 835 (D. Kan. 1988).

7. Statutes authorizing civil actions (K.S.A. 17-1266) and prohibiting sale of unregistered securities (K.S.A. 17-1255) held not unconstitutionally vague. State ex rel. Mays v. Ridenhour, 248 Kan. 919, 928, 811 P.2d 1220 (1991).

8. Section (a) applies only to initial offerings. Comeau v. Rupp, 810 F. Supp. 1127, 1132, 1133, 1156-60 (1992).

9. Discovery rule applies to state three-year statute of limitations for security fraud action. Mid Kansas Fed. S&L v. Orpheum Theater Co., 810 F. Supp. 1184, 1185, 1192 (1992).

10. Whether artful pleading doctrine applied to state law claims to provide jurisdiction for removal examined. Widmer v. Hibbard Brown and Co., Inc., 835 F. Supp. 1327, 1328 (1993); 835 F. Supp. 1331, 1332 (1993).

11. Whether fraud based security claim accrues upon sale of security or when plaintiffs discover fraud examined; which statute of limitations applies discussed. Kelly v. Primeline Advisory, Inc., 256 Kan. 978, 980, 991, 889 P.2d 130 (1995).

12. Sufficient evidence to show defendants should have known of fraudulent activity for liability under Kansas Securities Act. Sav-A-Trip, Inc. v. Belfort, 164 F.3d 1137 (1999).

13. Estimated attorney fees may be considered in determining whether diversity jurisdiction damages minimum was reached. Sheldon v. Vermonty, 53 F. Supp. 2d 1157, 1167 (1999).

14. Plaintiff entitled to award of attorney fees for state and federal securities fraud claim. Sheldon v. Vermonty, 237 F. Supp. 2d 1270, 1273 (2002).


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