Court Opinion

ID: 9459345
Source: CourtListenerOpinion
Date Created: 2023-08-04 21:18:11.173318+00
Date Added: 2024-06-11T17:36:07.878205
License: Public Domain

RONEY, Circuit Judge
(specially concurring) :
I concur in the decision that the failure of the purchasers to accept the repurchase offer of the sellers did not constitute an effective waiver of rights under the statute. The matter is completely within the control of Congress, which provided that
Any condition, stipulation, or provision binding any person acquiring any security to waive compliance with any provision of this sub-chapter or of the rules and regulations of the Commission shall be void. (Italics added)
Section 14, Securities Act of 1933, 15 U.S.C.A. § 77n. Since apparently an intentional, formal, written waiver executed either before or after the acquisition of securities is void, a fortiori any waiver that might be inferred from less formal acts must also be void.
Although I understand the other comments in the opinion to be only an explanation of the holding, I would not pass on the possibility of an estoppel until confronted with a case to which that doctrine might be applicable.