Opinion ID: 1181342
Heading Depth: 1
Heading Rank: 3

Heading: The Oregon Securities Law

Text: 4. For the reasons just stated, we find no merit in the defendant's contention that the plaintiff violated the Oregon Securities Law by engaging in the sale of stock as agent or broker without complying with the registration and permit provisions of that law. See ORS 59.010 et seq. 5. It is convenient at this point to take note of an assignment of error directed to the court's ruling in admitting in evidence the contract of purchase and sale between Jones and Mr. and Mrs. Shroyer. The argument is that, inasmuch as the plaintiff has declared on an agreement for the payment of a commission contingent on the sale of assets, proof of a sale of corporate stock constituted a variance. We think that this contention is a mere quibble. The substance of the matter is that Shroyer got what he was after  the timber owned by the corporation. So far as his obligation under the agreement with the plaintiff is concerned, the form which the transaction took, whether it was a deed from the corporation or a transfer of corporate stock, is immaterial. It may have been important to Jones, as affecting his tax liability, or simply a question of convenience, but it is without bearing on the liability of the defendant to the plaintiff. The point is well illustrated by Watkins' answer to the question by Shroyer's counsel whether he ever told Shroyer that there was any matter involved here about purchasing stock instead of timber. Watkins answered: Well, I doubt if I did. In other words, I was buying the timber. As far as my thinking was concerned, it was incidental whether it was stock or trees we was buying because stock represented trees and we were both in a terrible tizzy. He had irons in the fire and so did I and I doubt if I ever went into detail to tell him that this was actually purchase of stock rather than a purchase of land.