Washington Supreme Court January 19, 1978, 44620 (McClellan v. Sundholm)

Horowitz, J.

This appeal raises the question whether a scheme for the sale of silver bullion for investment purposes involves the sale of a security which must be registered under Washington's securities act. Sale of an unregistered security is unlawful under RCW 21.20.140 and subjects the seller to civil liabilities under RCW 21.20-.430(1).