The Supreme Court's Literalism and the Definition of 'Security' in the State Courts
Douglas M. Branson
University of Pittsburgh School of Law
Karl S. Okamoto
Drexel University Thomas R. Kline School of Law
Washington and Lee Law Review, Vol. 50, No. 3, 1993
Drexel College of Law Research Paper No. 2009-A-02
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: 38Accepted Paper Series
Date posted: November 1, 2008
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