Opinion ID: 2681896
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Heading: introduction

Text: A mining company contracted with a consultant to help the company obtain new capital investments. The company later brought suit against the consultant, seeking declaratory judgment that the contract violated Alaska securities law, as well as equitable rescission of the contract and cancellation of shares of stock and royalty interests granted under the contract. The superior court granted summary judgment to the consultant on two grounds: (1) the company’s suit was barred as a matter of law by AS 45.55.930(g), which provides that “[a] person who makes or engages in the performance of a contract in violation of [Alaska’s securities law] . . . may not base a suit on the contract”; and (2) the company’s suit was barred as a matter of law by res judicata in light of a prior suit instituted by the consultant against the company in which the company did not raise its present claims defensively. We reverse the superior court’s grant of summary judgment on both grounds.