Drees v. Minnesota Petroleum Co., No. 29569.
| Court | Supreme Court of Minnesota (US) |
| Writing for the Court | Olsen |
| Citation | 250 N.W. 563,189 Minn. 608 |
| Parties | DREES et al. v. MINNESOTA PETROLEUM CO. et al. |
| Decision Date | 20 October 1933 |
| Docket Number | No. 29569. |
v.
MINNESOTA PETROLEUM CO. et al.
[250 N.W. 564]
[189 Minn. 609]
Appeal from District Court, Lyon County; C. M. Tifft, Judge.
Two separate actions by Peter Drees and Peter M. Drees against the Minnesota Petroleum Company and others. A verdict was directed in each case in favor of the plaintiff. From orders denying his motion for a new trial, the defendant E. W. Richtmeyer appeals.
Affirmed.
Tom Kirby, of Sioux Falls, S. D., and Hall & Catlin, of Marshall, for appellant.
A. R. English and C. J. Donnelly, both of Tracy, for respondents.
OLSEN, Justice.
Two cases tried together. In each case the plaintiff sought to recover $1,500 and interest paid by him to defendant Minnesota Petroleum Company, a corporation, for the alleged purchase of stock in that company. The defendants, E. W. Richtmeyer, J. O. Stevens, and L. H. Redetzke, are respectively, treasurer, president, and secretary of the corporation. At the close of the evidence, the court directed a verdict in each case in favor of the plaintiff and against the company and Richtmeyer and Stevens. The defendant Richtmeyer alone moved for a new trial, and appeals from the orders denying such motion.
The plaintiffs base their right to recover in tort on the ground that the sales of stock for which they paid their money were illegal and void because said stock had not been registered or licensed, or authorized to be sold in this state by the state securities commission, and that defendant Richtmeyer aided and participated in such sales. The stock was sold to plaintiffs in March and April, 1928.
1. That this stock was not registered or licensed to be sold in this state by the securities commission, that it was sold here, and that there was an attempt to evade the law requiring the stock to be so registered and licensed, is conclusively shown. The sales were illegal and void. 1 Mason's Minn. St. 1927, §§ 3996-4, 3996-22; Vercellini v. U. S. I. Realty Co., 158 Minn. 72, 196 N. W. 672; Webster v. U. S. I. Realty Co., 170 Minn. 360, 212 N. W. 806; 14 C. J. 529, § 793.
2. The next question is whether it conclusively appears that defendant Richtmeyer aided and actively participated in the sales of the stock to the plaintiffs. The company was incorporated in Delaware. Its president and treasurer were and are residents of Lyon county, Minn. Richtmeyer appears to have been one of the principal organizers of the company. An office was opened and conducted in his building at Marshall in said county. He personally was in charge of and conducted the office. So far as appears, this was the only office of the company where any of its business was transacted. Two salesmen, apparently working out of that office, were employed to solicit and sell stock in the territory of Marshall and vicinity in this state. These salesmen reported their doings to Richtmeyer. Money and checks received by them on...
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Klapmeier v. Peat, Marwick, Mitchell & Co., No. 5-72 Civ. 26.
...Supp. 1216 TCI stock here transferred required registration with the Securities Exchange Commission. In Drees v. Minnesota Petroleum Co., 189 Minn. 608, 250 N.W. 563 (1933), the court found an implied civil action for violation of the registration requirement and allowed a plaintiff to reco......
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Chase Securities Corporation v. Donaldson, No. 110
...state courts, nevertheless, held that such an illegal sale will support a common-law action in tort. Drees v. Minnesota Petroleum Co., 189 Minn. 608, 250 N.W. 563. And on the second appeal of this case the court said: 'The action was brought in tort to recover as damages the purchase price ......
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Stern v. National City Co.
...Minnesota contract, it is obvious that the Minnesota law is incapable of application and becomes impotent. Drees v. Minn. Petroleum Co., 189 Minn. 608, 250 N.W. 563. See also Bothwell v. Buckbee, Mears Co., 275 U.S. 274, 48 S.Ct. 124, 72 L.Ed. 277, wherein the Supreme Court of the United St......
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City Co. of New York v. Stern, No. 11453.
...Minn. 360, 212 N.W. 806, 807; Vercellini v. United States I. Realty Co., 158 Minn. 72, 196 N.W. 672; Drees v. Minnesota Petroleum Co., 189 Minn. 608, 250 N.W. 563. The only defense to the right to recover solely on the ground of violation of the Blue Sky Law is the statute of limitations. T......
-
Klapmeier v. Peat, Marwick, Mitchell & Co., No. 5-72 Civ. 26.
...Supp. 1216 TCI stock here transferred required registration with the Securities Exchange Commission. In Drees v. Minnesota Petroleum Co., 189 Minn. 608, 250 N.W. 563 (1933), the court found an implied civil action for violation of the registration requirement and allowed a plaintiff to reco......
-
Chase Securities Corporation v. Donaldson, No. 110
...state courts, nevertheless, held that such an illegal sale will support a common-law action in tort. Drees v. Minnesota Petroleum Co., 189 Minn. 608, 250 N.W. 563. And on the second appeal of this case the court said: 'The action was brought in tort to recover as damages the purchase price ......
-
Stern v. National City Co.
...Minnesota contract, it is obvious that the Minnesota law is incapable of application and becomes impotent. Drees v. Minn. Petroleum Co., 189 Minn. 608, 250 N.W. 563. See also Bothwell v. Buckbee, Mears Co., 275 U.S. 274, 48 S.Ct. 124, 72 L.Ed. 277, wherein the Supreme Court of the United St......
-
City Co. of New York v. Stern, No. 11453.
...Minn. 360, 212 N.W. 806, 807; Vercellini v. United States I. Realty Co., 158 Minn. 72, 196 N.W. 672; Drees v. Minnesota Petroleum Co., 189 Minn. 608, 250 N.W. 563. The only defense to the right to recover solely on the ground of violation of the Blue Sky Law is the statute of limitations. T......