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The Supreme Court's Literalism and the Definition of 'Security' in the State Courts

38 Pages Posted: 1 Nov 2008  

Douglas M. Branson

University of Pittsburgh School of Law

Karl S. Okamoto

Drexel University Thomas R. Kline School of Law

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.

Suggested Citation

Branson, Douglas M. and Okamoto, Karl S., The Supreme Court's Literalism and the Definition of 'Security' in the State Courts. Washington and Lee Law Review, Vol. 50, No. 3, 1993; Drexel College of Law Research Paper No. 2009-A-02. Available at SSRN: https://ssrn.com/abstract=1023641

Douglas Branson

University of Pittsburgh School of Law ( email )

3900 Forbes Ave.
Pittsburgh, PA 15260
United States
412-624-3437 (Phone)

Karl S. Okamoto (Contact Author)

Drexel University Thomas R. Kline School of Law ( email )

3320 Market Street
Philadelphia, PA 19104
United States

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