Sherman

The appellants appeal from the trial court’s grant of the respondent’s motion for summary judgment. They raise three central issues on appeal. First, did the respondent fail to pursue this matter in a timely fashion? Second, was there a triable issue of fact whether the issuance of a limited partnership interest was exempt from qualification? Third, should all of the appellants have been held liable for the transaction at issue? We conclude one of the appellants should not have been held liable. In all other respects, the decision of tfre trial court to grant the respondent’s motion is affirmed.

Statement of Facts and Proceedings Below

In and around August 1981 appellant Lloyd, a neighbor and friend of respondent Sherman, informed Sherman that one of his partners in his accounting firm was bringing together a group of investors to purchase property in Denver, Colorado. Lloyd asked Sherman if he would like to take part in this venture. Sherman stated he would. Lloyd subsequently gave Sherman the property analysis and escrow documents relative to the investment. Lloyd told Sherman he would be a limited partner with other limited partners.

On or about October 7, 1981,…