Caldwell v. Sioux Falls Stock Yards Co. - 242 U.S. 559 (1917)


U.S. Supreme Court

Caldwell v. Sioux Falls Stock Yards Co., 242 U.S. 559 (1917)

Caldwell v. Sioux Falls Stock Yards Company

No. 386

Argued October 16, 17, 1916

Decided January 22, 1917

242 U.S. 559

Syllabus

The South Dakota "Blue Sky Law," Laws of 1915, c. 27a, is the same in principle as the laws of Ohio and Michigan involved in Hall v. Geiger-Jones Co., ante, 242 U. S. 539, and Merrick v. Halsey & Co., post, 242 U. S. 568, and is sustained over constitutional objections for the reasons assigned in those cases, as applied to a Colorado corporation seeking to raise capital by sales of its own shares, and to individuals dealing in such shares.

When a statute regulating complainant's business is alleged to be unconstitutional

Page 242 U. S. 560

and its effect, if the business be continued in disregard of it, will be to visit him with repeated criminal prosecutions involving heavy fines and imprisonment, the remedy at law is not adequate.

A suit to enjoin state officials from instituting criminal proceedings in enforcement of such a statute is not a suit against the state.

Reversed.

For decree below, see 230 F. 236, note.

The case is stated in the opinion.

Page 242 U. S. 562



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