Jorges v

Griffin, 161 Ga. App. 439, 288 S.E.2d 356, 1982 Ga. App. LEXIS 1908 (1982) (decided under former O.C.G.A. § 10-5-5). Stock not exempt from registration. — Exemption under former Code 1933, § 97-109 did not apply since the stock was sold to an individual, not a corporation and the fact that the buyer later transferred some of the stock to new investors was of no import because the relevant period for determining whether the stock had to be registered was at the time it was offered for sale. Bell v. Sasser, 238 Ga. App. 843, 520 S.E.2d 287, 1999 Ga. App. LEXIS 966 (1999) (decided under former O.C.G.A. § 10-5-5). Right of rescission. — Although security provisions did not define “purchaser” to whom the election of voiding an illegal sale was given, it was apparent that this referred to the one to whom the sale or disposition was made, especially when the certificate was issued directly to a party, designating him or her by name. The word “purchaser” may be used in a broad sense to include those who acquire title for a monetary consideration; however, as commonly employed and as ordinarily used a “purchaser” was understood to be one who obtains through negotiation or the like for a consideration. Utzman v. Caribbean & S.E. Dev. Corp., 107 Ga. App. 56, 129 S.E.2d 62, 1962 Ga. App. LEXIS 568 (1962) (decided under former Ga. L. 1957, p. 134, as amended). Transaction held not taking place in Georgia. — If a plaintiff, a Georgia resident, and a defendant, a Tennessee 744 T.10, C.5, A.3 GEORGIA UNIFORM SECURITIES resident, discussed by telephone an arrangement whereby the defendant’s company would serve as plaintiff’s investment advisor in trading of commodity futures and the defendant mailed to the plaintiff two letter agreements, setting out the contract terms and the plaintiff signed the T.10, C.5, A.3 agreements and returned the agreements for signature of the other party, under Georgia law the transaction did not take place in Georgia. Rasmussen v. Thomson & McKinnon Auchincloss Kohlmeyer, Inc., 608 F.2d 175, 1979 U.S. App. LEXIS 9744 (5th Cir. 1979) (decided under former Code 1933, § 97-105).