W. A. Marin v. Carl Olson

Stockholder's liability after corporation's violation of blue sky law. A purchaser of stock in a corporation which has failed to comply with the blue sky law may recover the money paid therefor if the action is seasonably brought. He cannot successfully defend in a suit brought by the receiver of such insolvent corporation to enforce the stockholders' constitutional liability on the ground that there had been a violation of that statute. The issuance of the certificate of stock to defendant was not necessary to establish his liability.