Journal article
The Supreme Court's literalism and the definition of "security" in the state courts
Washington and Lee law review, Vol.50(3), p1043
01 Jul 1993
Abstract
The definition of "security" is a threshold issue for the development of both state and federal securities regulation. This is because the conclusion that a case does not involve a security will foreclose application of the relevant securities act. For decades the Supreme Court and the lower federal courts appeared comfortable with a case-by-case analysis of each new investment transaction to determine the appropriateness of invoking the provisions of the federal securities laws. In the mid-1980s this focus on economic realities gave way to a pedantic obsession with plain meaning. The Court should not have rejected an overarching economic realities approach to the scope of the federal securities law. 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.
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Details
- Title
- The Supreme Court's literalism and the definition of "security" in the state courts
- Creators
- Douglas BransonKarl Okamoto
- Publication Details
- Washington and Lee law review, Vol.50(3), p1043
- Publisher
- Washington & Lee University, School of Law
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Thomas R. Kline School of Law
- Identifiers
- 991021866832404721