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FIRST NAT. BANK OF LAKE WILSON v. WESTERN FIN., INC.

No. 2-75-Civ-203.

403 F.Supp. 701 (1975)

FIRST NATIONAL BANK OF LAKE WILSON, a United States of America corporation, and Robert Junso, Plaintiffs, v. WESTERN FINANCIAL, INC., a South Dakota Corporation, et al., Defendants.

United States District Court, D. Minnesota, Second Division.

November 18, 1975.

Attorney(s) appearing for the Case

Michael D. McCollum, Frommelt & Eide, Minneapolis, Minn., for plaintiffs.

Richard J. Nygaard and Roger R. Roe, Jr., Rider, Bennett, Egan, Johnson & Arundel, Minneapolis, Minn., for defendants Regal Investment, Inc. and Charles E. Bethel.

Robert W. Junghans, Larkin, Hoffman, Daly & Lindgren, Ltd., Minneapolis, Minn., for defendants Masterlease Corp. and John E. Watson.

MEMORANDUM AND ORDER

DEVITT, Chief Judge.

In this action brought under the Securities Exchange Act of 1934 and the Securities Act of 1933, defendants move to dismiss on the ground that the court lacks subject matter jurisdiction because the transaction between plaintiff and defendants did not involve the sale or exchange of "securities" as that term is defined by federal securities law. The only basis of federal jurisdiction alleged in the complaint is a...

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