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State court of last resort · ST-VA-SC
Andrews v. Browne
No. 071079Supreme Court of Virginia
071079 Andrews v. Browne 06/06/2008 (Revised 02/26/2009) In a case charging securities law violations in the sale of a closely-held corporation, the trial court erred in granting partial summary judgment and i…
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071079 Andrews v. Browne 06/06/2008 (Revised 02/26/2009) In a case charging securities law violations in the sale of a closely-he…
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- Supreme Court of Virginia
- First added here
- October 4, 2026
- Last entry
- June 6, 2008
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071079 Andrews v. Browne 06/06/2008 (Revised 02/26/2009) In a case charging securities law violations in the sale of a closely-held corporation, the trial court erred in granting partial summary judgment and in dismissing a claim brought against the defendant sellers for making untrue statements of material fact and omitting material facts in the sale of a security under Code § 13.1-522. If an instrument bears the label "stock" and possesses the characteristics typically associated with stock, it is a "security" within the meaning of the Virginia Securities Act, Code § 13.1-501 et seq. Therefore, a transaction in which 100% of the stock of a closely held corporation possessing such characte…
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· Supreme Court of Virginia
DismissedGranted
The court's record, as written
071079 Andrews v. Browne 06/06/2008 (Revised 02/26/2009) In a case charging securities law violations in the sale of a closely-held corporation, the trial court erred in granting partial summary judgment and in dismissing a claim brought against the defendant sellers for making untrue statements of material fact and omitting material facts in the sale of a security under Code § 13.1-522. If an instrument bears the label "stock" and possesses the characteristics typically associated with stock, it is a "security" within the meaning of the Virginia Securities Act, Code § 13.1-501 et seq. Therefore, a transaction in which 100% of the stock of a closely held corporation possessing such characte…
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