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The Supreme Court's Literalism and the Definition of 'Security' in the State CourtsDouglas M. BransonUniversity of Pittsburgh School of Law Karl S. OkamotoDrexel University - Earle Mack School of Law Washington and Lee Law Review, Vol. 50, No. 3, 1993 Drexel College of Law Research Paper No. 2009-A-02 Abstract: This Article argues that the Court should not have rejected an overarching economic realities approach to the scope of the federal securities laws. By viewing the developing standards under the famous Howey test as a movement toward a global standard for identifying "securities" rather than simply the subpart "investment contracts," the Court could have allowed for a more coherent doctrinal development.
Number of Pages in PDF File: 38 Accepted Paper SeriesDate posted: November 1, 2008Suggested Citation |
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