Smith, State Blue Sky Laws and the Federal Securities Act, 34 Michigan Law Review 1135.See note 10 supra; Wagner v. Kelso, 195 Iowa 959, 193 N.W. 1; Wigington v. Mid-Continent Royalty Co., 130 Kan. 785, 288 P. 749; People v. Montague, 280 Mich. 610, 274 N.W. 347; State v. Hofacre, Page 354 206 Minn. 167, 288 N.W. 13; State v. Pullen, 58 R.I. 294, 192 A. 473; Kadane v. Clark, 135 Tex. 496, 143 S.W.2d 197; Klatt v. Guaranteed Bond Co., 213 Wis. 12, 250 N.W. 825. In Texas itself, oil and gas leases have been held by the Supreme Court to be securities within the state act, notwithstanding the fact that the act expressly includes only "any interest in or under" such leases.

Section 10982 has been the law of this state since the Code of 1851, and it will be presumed that the legislature had in mind Section 10982 when Section 5105-a26 was enacted by the forty-first general assembly. The right of action given by Section 10982 has always been construed to be a direct and unqualified one. Zapf v. Ridenour, supra; Wagner v. Kelso, 195 Iowa 959; Haakinson Beaty Co. v. McPherson, 182 Iowa 476; Streator Clay Mfg. Co. v. Henning-Vineyard Co., 176 Iowa 297; Hay v. Hassett, 174 Iowa 601. Defendant Automobile Underwriters, Incorporated, as the attorney in fact or agent of undisclosed subscribers, was rightfully named as a defendant in this action.

trust. We enumerate a few of the activities disclosed by the case in which such trust funds have been invested: a mail order business, Thompson v. Schmitt, 115 Tex. 53, 274 S.W. 554; dealing in automobiles, Palmer v. Taylor, 168 Ark. 127, 269 S.W. 996; dealing in automobile tires, State v. Gopher Tires&sRubber Co., 146 Minn. 52, 177 N.W. 937; manufacturing road material and road construction, Weber Engine Co. v. Alter, 120 Kan. 557, 245 P. 143; investment and construction, Reilly v. Clyne, 27 Ariz. 432, 234 P. 35, 40 A.L.R. 1005; dealing in land, Weiser Land Co. v. Bohrer, 78 Or. 202, 152 P. 869; 'a syndicate,' King v. Commonwealth, 197 Ky. 128, 246 S.W. 162, 27 A.L.R. 1159; State v. Cosgrove, 36 Idaho 278, 210 P. 393; a toll bridge, Willey v. W. J. Hoggson Corp., 90 Fla. 343, 106 So. 408; and prospecting for oil, producing, refining and selling it, if found, has not been overlooked, Wagner v. Kelso, 195 Iowa 959, 193 N.W. 1; State v. Summerland, 150 Minn. 266, 185 N.W. 255; Bettsv. Hackathorn, 159 Ark. 621, 252 S.W. 602, 31 A.L.R. 847; Hamilton v. Young, 116 Kan. 128, 225 P. 1045, 35 A.L.R. 496; Victor Refining Co. v. National Bank, 115 Tex. 71, 274 S.W. 561.