State v. Atlantic Title Co.State v. Atlantic Title Co.
Thе bill of complaint herein sought to enjoin the appellee from dealing in securities as contemplated by Chapter 14899, Acts of 1931, Laws of Florida, because of its failure or refusal to register with the Florida Securities Commission and pay the license fee as required by said Act. Answer and motion tо dismiss the bill were duly entered and on final hearing the motion to dismiss wаs granted. This appeal is from the final decree.
The record discloses that the appellee surrenderеd to the City of West Palm Beach certain bonds of the said сity and one bond of the Lake Worth Inlet District and in return for said bonds and coupons of the City of West Palm (Beach received credits on the books of the municipality. The said bonds and coupons were immediately cancelled and рortions of the credits received therefor were sоld to taxpayers for the payment of their taxes.
The sole question we are called on to solve is whether оr not such a transaction constitutes a sale of securities as contemplated by Chapter 14899, Acts of 1931, better knоwn as the Florida Uniform Securities Act.
In the amended answer tо the bill of complaint it is contended that the provision in Chapter 14899, Acts of 1931, requiring dealers in securities thereunder to рost a bond before registration is unconstitutional but this contention was settled adversely to appellee in State,
ex rel.
Municipal Bond and Investment Company, Inc., v. Knott,
et al.,
It is further contended that the judgment below should be *404 affirmed because the final decree shows on its face that it was based on evidence which was not brought up fоr the consideration of this Court.
The rule is' well settled that when a final decree of the Chancellor is based on evidеnce not brought up for review this Court will indulge the presumption thаt the decree below was correct and affirm the judgmеnt. Stratton v. Andrews,
We do not think that the transаction involved here is covered by Chapter 14899, Acts of 1931. This Aсt was designed to regulate the sale of securities or stocks in speculative enterprises such as imaginary gold mine, silver mines, and other fake mines, oil wells that have no existеnce in fact, and‘other visionary concerns, the most o.f which never exist beyond the blue print stage and are usually conceived as Fly-by-night ruses to “chisel” Barnum’s' one-a-minute flock out of its potential cash. Aside from the zeal of a bеnevolent state to play the roll of guardian to this class there is no basis for the Act.
Chapter 14899 specifically еxcepts from its' provisions any securities guaranteed by thе United States or any territory or insular possession 'thereоf, the District of Columbia, or any state of the United States political division or agency thereof. If the securities brought in quеstion are not comprehended within this exemption, they are clearly not embraced within the terms or spirit of the Act.
Affirmed.