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PRINCE v. HERITAGE OIL CO.

Docket No. 47076.

109 Mich. App. 189 (1981)

311 N.W.2d 741

PRINCE v. HERITAGE OIL COMPANY.

Michigan Court of Appeals.

Decided September 9, 1981.

Attorney(s) appearing for the Case

Warner, Norcross & Judd (by Ernest M. Sharpe and Jeffrey O. Birkhold), for plaintiffs.

William E. Tapovatz, for defendants.

Before: DANHOF, C.J., and M.F. CAVANAGH and MacKENZIE, JJ.

MacKENZIE, J.

This case requires us to determine (1) whether the sale of undivided fractional interests in (three) oil and gas leases constituted the sale of "securities" within the meaning of the Uniform Securities Act, MCL 451.501 et seq.; MSA 19.776(101) et seq., (2) if so, whether defendants' retention of leasehold interests in the wells without contributing their proportionate share of capital comprised "commissions or other direct or indirect remuneration...

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