Blue sky.

To Blawgletter, "repose" suggests tranquillity and sleep.  But in law it also implies shuffling off the legal coil.

So it went today for a bankruptcy trustee.  His claim arose from the bankruptcy debtor’s sale of stock in a company that he and his family owned.  The trustee alleged that the corporation forced the debtor to sell shares worth $7,850,000 for a paltry $266,000.  The Seventh Circuit held that the nominally common law claims fell within the Illinois Securities Law of 1953 — a "blue sky" law mimicking federal securities law — and that therefore the five-year "statute of repose" governed the claims.  Because the trustee sued after the period of repose expired, the claim arrived in a state of decease.  Klein v. George G. Kerasotes Corp., No. 06-2313 (7th Cir. Sept. 14, 2007).

Barry Barnett

Feedicon14x14 Blue sky, lookin’ at me.  Nothin’ but blue sky, do I see.