Opinion ID: 1248085
Heading Depth: 1
Heading Rank: 10

Heading: offer or sale of security by means of the statements

Text: Section 62-309 imposes liability upon any person who offers or sells a security by means of any untrue statement ... Section 62-18(3) provides ... an offer to sell or to buy is made in this State, whether or not either party is then present in this State, when the offer (a) originates from this State ... Subsection 4 provides an offer to buy or to sell is accepted in this State when the acceptance (a) is communicated to the offeror in this State... Section 62-2(10) (a) provides `sale' or `offer to sell' includes every contract of sale of, contract to sell, or disposition of, a security or interest in a security for value. Subsection (b) provides `offer' or `offer to sell' includes every attempt or offer to dispose of, or solicitation of and offers to buy, a security or interest in a security for value. Subsection (12) provides `security' means any ... stock,..., transferable shares, ... or, in general, any interest or instrument commonly known as a `security'. In general, a sale or offer to sell is regarded to include any transaction by which stock is offered to individuals or to the general public. 69 Am. Jur. (2d), Securities Regulation  State, Section 29. In view of the foregoing authorities, I hereby conclude that the Defendants fall within the language one who offers or sells a security. Likewise, it is clear that the offer and sale were made by means of such statements.