Minn. Stat. » CHAPTER 80A. REGULATION OF SECURITIES
Minnesota Statutes

Minn. Stat. § 80A.23 (2026)

[Repealed]

✓ text as last checked Sept. 2026 (this copy records no edition or section history)
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[Repealed, 2006 c 196 art 1 s 51,52]

Notes of Decisions
Cited in 56 cases, 1975–2012 · leading case: Burns v. Ersek, 591 F. Supp. 837 (D. Minn. 1984).
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Burns v. Ersek, 591 F. Supp. 837 (D. Minn. 1984). · cites it 24× “The period meets the "commonality of purpose and similarity of defenses” test used in this circuit. See, e.g. Morris, 600 F.2d 139 . Defendant concedes that the named plaintiff is not barred from bringing his individual § 10(b) suit, even though this suit was begun after the…”
Specialized Tours, Inc. v. Hagen, 392 N.W.2d 520 (Minn. 1986). · cites it 13× “Applicability of Minn.Stat. § 80A.23 (1984). Because of our rulings, it is unnecessary for us to address contentions of appellant Hagen that respondents cannot recover under the Minnesota Securities Act because of Monson’s “unclean hands.”
In Re Prof'l Fin. Mgmt., Ltd., 703 F. Supp. 1388 (D. Minn. 1989). · cites it 27× “They claim that summary judgment should be entered in their favor on count VII, the Minnesota Securities Act, Minn.Stat. § 80A.23; and count XIII, the Minnesota Consumer Fraud Act, Minn.”
TCF Banking & Sav., F.A. v. Arthur Young & Co., 706 F. Supp. 1408 (D. Minn. 1988). · cites it 24× “Thus, for a section 10(b) claim the appropriate limitations period is the three-year period contained in Minn.Stat. § 80A.23, subd. 7. Applebaum v.”
Semrad v. Edina Realty, Inc., 493 N.W.2d 528 (Minn. 1992). · cites it 12× “The plaintiffs do not contend that either of the individual defendants engaged in any fraudulent, deceptive, or dishonest practices, but only complain of Marsh's deception.”
Bond v. Charlson, 374 N.W.2d 423 (Minn. 1985). · cites it 12× “Minn. Stat. § 80A.23, subds. 2, 9, 11 (1984).”
Foley v. Allard, 427 N.W.2d 647 (Minn. 1988). · cites it 14× “This case arises under the Minnesota Securities Act, specifically Minn.Stat. § 80A.23, subds. 3, 4 (1986) governing secondary liability.”
Semrad v. Edina Realty, Inc., 470 N.W.2d 135 (Minn. Ct. App. 1991). · cites it 22× “Are respondents liable for Marsh’s transactions as “controlling persons” within the meaning of Minn.Stat. § 80A.23, subd. 3? a. Does fraud toll the three-year limitations period of Minn.”
Hagert v. Glickman, Lurie, Eiger & Co., 520 F. Supp. 1028 (D. Minn. 1981). · cites it 6× “3 provides for secondary liability for violations covered in Minn.Stat. § 80A.23 subd. 2: Every person who directly or indirectly controls a person liable under subdivision 1 or 2, every partner, principal executive officer or director of such person, every person occupying a…”
Jenson v. Touche Ross & Co., 335 N.W.2d 720 (Minn. 1983). · cites it 4× “Civil liability for the sale of unregistered securities under our state act is imposed by section 80A.23, subds. 1 and 3. The civil liability imposed on a seller under subdivision 1 is extended under subdivision 3 to “every broker-dealer or agent who materially aids in the act…”
Kiehne v. Purdy, 309 N.W.2d 60 (Minn. 1981). · cites it 14× “Section 80A.23, subdivisions 1 and 2, establish the right of a seller or buyer of securities to redress violations of certain provisions of the Minnesota Blue Sky Law by bringing a civil action in law or equity.”
Fairview Cemetery Ass'n of Stillwater v. Eckberg, 385 N.W.2d 812 (Minn. 1986). · cites it 18× “In Kiehne , we held Minn.Stat. § 80A.23, subd. 10, precluded arbitration of violations of the Minnesota Blue Sky Law and any factually intertwined common law claims.”
Show all 56 citing cases →
Minn. Stat. § 80A.23(1): 3 cases
Adams v. Resolution Trust Corp., 731 F. Supp. 352 (D. Minn. 1990).
Austin v. Loftsgaarden, 768 F.2d 949 (8th Cir. 1985).
Hayden v. McDonald, 742 F.2d 423 (8th Cir. 1984).
Minn. Stat. § 80A.23(10): 2 cases
Kiehne v. Purdy, 309 N.W.2d 60 (Minn. 1981). “Section 80A.23, subdivisions 1 and 2, establish the right of a seller or buyer of securities to redress violations of certain provisions of the Minnesota Blue Sky Law by bringing a civil action in law or equity.”
Hayden v. McDonald, 742 F.2d 423 (8th Cir. 1984).
Minn. Stat. § 80A.23(11): 1 case
Hayden v. McDonald, 742 F.2d 423 (8th Cir. 1984).
Minn. Stat. § 80A.23(2): 2 cases
In re Nat'l Century Fin. Enter., Inc., Inv. Litig., 846 F. Supp. 2d 828 (S.D. Ohio 2012).
Austin v. Loftsgaarden, 768 F.2d 949 (8th Cir. 1985).
Minn. Stat. § 80A.23(3): 2 cases
State Ex Rel. Goettsch v. Diacide Distributors, Inc., 561 N.W.2d 369 (Iowa 1997).
Hayden v. McDonald, 742 F.2d 423 (8th Cir. 1984).
Minn. Stat. § 80A.23(7): 4 cases
Nielsen v. Prof'l Fin. Mgmt., Ltd., 682 F. Supp. 429 (D. Minn. 1987).
Appelbaum v. Ceres Land Co., 687 F.2d 261 (8th Cir. 1982).
In Re First Am. Ctr. Sec. Litig., 807 F. Supp. 326 (S.D.N.Y. 1992).
Hayden v. McDonald, 742 F.2d 423 (8th Cir. 1984).
Minn. Stat. § 80A.23(8): 1 case
Hayden v. McDonald, 742 F.2d 423 (8th Cir. 1984).
Minn. Stat. § 80A.23(9): 1 case
Hayden v. McDonald, 742 F.2d 423 (8th Cir. 1984).
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