OCR Text |
Show '.atPcr t nt Univfpsitlyof Uth Librari" Salt LVcr City Uth 8 112 S ri li Qj Hie Daily Legal Newspaper VOLUME 15, NUMBER 38 THURSDAY, FEBRUARY 25, 1971 LKAL NOTKB: PIMM SALT LAKE 4U-0U- 1 CITY, UTAH STOLEN CREDIT CARDS Supreme Court Decisions IIJMHU No. 12066 LIQUOR CONTROL ACT INVALID? PRIDE CLUB m UTAH Raault of appeal: Summary Judgment of trial court affirmed. Complete decision page 2 3 BALL, Vivian Walker Bankard PERKINS, Audrey C. Walker Bankard SMITH, Jaam Robert Walker Bankard HOLLENBERG, Glen Walker BanVard raud claimed -A- ction barred Seminar sponsored jointly by the Tax and Corporation Sections of the Utah State Bar A University of Utah, Coilege of Law February 25 and 26.1971 on Real Estate transaction by Statute of Limitation J. Wendell Bayles, Esq. Jones, Waldo, Holbrook and McDonough PROXIES, LAWS, REPORTING BLUE-SK- M. Nielson, Esq. GtJEST PARTICIPANTS HUBERT S. WANDER. Esq., Chicago. III. JOHN E. CLUTE, Esq., Vice President and General Counsel of Boise Cascade Co. Rooa, Plaintiffa and Reepondenta, ROBERT H. DAVENFORT. Chief Enforcement Attorney. Denver Regional Office of the U. S. Securities Exchange Commission FILED February 22, 1 FRAUD AND DISCLOSURE No. 12143 Lloyd N. Ole on and Fidelity and Deposit Company of Maryland, a corporation, Defendants and Appellants. 487-065- Norman S. Johnson, Esq. In The Supreme Court Of The State Of Utah v. Phone STOCK OPTIONS Parker Raymond H, Roe a and Betty NOTICES: TAX AND SECURITIES LAW TRIAL COURT DECISION REVERSED -F- LEGAL 1971 SESSION CHAIRMEN L. M. Cummings, Clerk Thursday, Feb. 25, 1971 David L. Gillette. Esq. Herbert S. Wander, Esq. of Chicago, III., is a securities law expert and has gained national prominence for his expertise in this field. HENRIOD, Justice: well-know- Appeal from a judgment against Olson in a nonjury case, based deceit in a real estate transaction. Reverted with coste to appellants. c i November 5, 1963, through negotiations between an agent of defendant Olaon, real estate broker, the Rea'a signed a uniform real estate contract to buy a lot in a proposed i ibdiviaion of Future Corp. , in which Olson was a stockholder and officer. It was signed after an Earnest Money Receipt was executed conditioned upon a contemplated zoning ordinance which had been passed the day before, and also conditioned on the acquisition of title by Futura from a Mrs. Glenn who also had signed an Earnest Money Agreement with Futura. Her attorney advised against completion of the latter transaction unless certain conditions not contained therein were met. The upshot: Olson had taken Rose's down payment, which was disbursed by Futura. Everyone went broke and the Rosses got divorced. Olson, after trying to pay back some of the down payment and inducing other officials of the Futura company to do the same, took out bankruptcy. Two days later, Ross sued Olson, claiming fraud in the inducement, which he said rendered Olson's obligation to repay not dischargeable in bankruptcy. This suit was instituted more than three years after the contract to purchase was signed and more than three years after Ross refused to make payments thereon. Based on these facts the defendant urged the limitations statute as a defense. member of the Chicago firm of Pope, Ballard, Kennedy, Shepard and He is a Fowle, On Ross claimed and testified that Olson him by repreto had that the Futura to title this be false and senting property, knowing flim-flamm- ed intending that Ross act thereon to his damage. Olson says he merely said Futura would get title when its Earnest Money Agreement was completed with Mrs. Glenn, which effectively was stymied by Mrs. Glenn's lawyer. At that juncture it would appear that Futura may have had an inchoate equitable ownership in the property enforcible in a specific performance suit, which, however, never was pursued, apparently because of the financial Inability to seek compliance with a contract that would give any real estate broker the impression that he could negotiate a sale transaction with a willing buyer. The record is so full of vagueries and inconsistencies in the plaintiffs' testimony as completely to destroy the conclusion of the trial court based on any concept, fundamental as it is.that fraud must be shown by him who urges it, by clear and convincing evidence. Detailing the record in this would no serve useful The respect purpose. respondents' counsel honorably has not employed the old saw that we review the evidence in a light most favorable to the decision, recognizing, we believe, that plaintiffs' testimony is no stronger and is the author of numerous law review articles and other publications. He will participate both days as a speaker on current developments in securities regulation law and as a discussion panel leader. SECRETARIES THE DAY AT LEGISLATURE PROGRAM sample problem, containing usual and unusual aspects of mergers, acquisitions and reorganizations, will be thoroughly analyzed and discussed by prominent members of the local bar and nationally recognized experts n Tax and Securities Law. A A SECURITIES OVERVIEW Kent W. Larsen, Esq. VanCott, Bagley, Cornwall & McCarthy A TAX OVERVIEW John Governor Calvin L. Rampton signs declaration of "Legal Secretaries Day at the Utah State Legislature. Standing beside Governor is Elaine Wood, President of Salt Lake City Legal Secretaries Association. Seated is Macel Thurmond, secretary to Gov. Rampton and Chairman of Legal Secretaries Day. K. Mangum, Esq. Mulliner, Prince & Mangum REORGANIZATIONS Alonzo W. Watson, Jr., Esq. Ray, Quinney and Nebeker THE REORGANIZATIONS William Vogel, Esq. Fabian and Clendenin CARRYOVERS Leo A. Ross. Other secretaries attending were: Pat Ring-woovice president; Peggy Micklewright, recording secretary; Cindy Lord, corresponding d, ACCOUNTING METHODS IN prior The schedule for the day included meeting with the Governor and a briefing as to the procedure followed in the House and Senate. Seeing the legislative bodies in action capped the occasion. SUBSTANTIALLY ALL" John A. Dahlstrom, Esq. Parsons, Behle and Latimer than its inconsistent weakness. his contract more than three years prior thereto, - which stemmed from his own investigation into the Futura contract, whence he was advised by Mrs. Glenn, party thereto, that she was not about to convey the lot in question to Futura or LEGAL The Seminar will commence at 9:00 a.m. and will continue until 5:00 p.m. both days. All sessions will be held in the Moot Courtroom at the College of Law. Luncheon each day (included in registration ) will be in the West Auditorium on the main floor of the Union Building. Automobile parking permits will be available at the registration desk. REQUIREMENT It is The plaintiff is further foreclosed here by the limitations statute. than more obvious that he knew of the matter about which he complains here, to his suit, he having refused to make further payments on three years Friday. Feb. 26. 1971 Scott M. Matheson, Esq. Jardine, Esq. Neslen and Mock secretary; Miriam Corporon, hiatorian-NAL- S representative; Kaye Aoki, Nedra Blumen-tha- l, Louise Draney, Bernice Gibson, Jan Glines, Dorothy Good sell, Dawn Hales, June Halls trom, Jeanette Heaps, Lois Krause, Ruth Lish, Jean Mullen, Dorothy Oner, Antoinette Sotiriou, Beth Page, Jewell Weston, Maurine Henricksen, Jan Fisher, Mary Stirk and Nora Worthen. Governor Ramptona "Declaration may be seen on page 2 RULE 133 Don A. Stringham, Esq. WE CONCUR: 4 E. R. Callieter. Jr. , Chief Justice REGISTRATION Thomas A. Quinn Ray, Quinney and Nebeker CONVERTIBLE SECURITIES R. L. Tuckett. Justice J. Gordon Hansen, Esq. Mulliner, Prince PREFERRED J. Allan Crockett, Justice I concur upon the ground and for the reason that the action is barred by the Statute of Limitation. UTAH STATE HOUSE ACTION Mangum jge 7,8 STOCK BAIL OUTS David E. Salisbury, Esq. VanCott, Bagley, Cornwall & ELLETT, Justice: & Day 44 McCarthy Day 44 SECTION 16 Ronald J. Ockey, Esq. Jones, Waldo, Holbrook and McDonough I UTAp STATIC SENATE ACTION page 8 |