JURISPRUDENCE BEGINNING WITH U Sample Clauses

JURISPRUDENCE BEGINNING WITH U. S. V. XXXXX In the landmark decision United States v. X.X. Xxxxx,93 the United States Supreme Court defined “investment contract.”94 The seller of the securities, X.X. 89 69A AM. JUR. 2D Securities Regulation—State § 1 (2004). Kansas was the first state to regulate its securities market. Id. By the time Congress passed the federal securities acts, forty-seven other states had followed Kansas’ lead. Id. The purpose of the state blue sky laws was “to stop the sale of stock in fly-by-night concerns, visionary oil xxxxx, distant gold mines, and…‘speculative schemes which have no more basis than so many feet of blue sky.’” Id. (quoting Hall x. Xxxxxx-Xxxxx Co., 242 U.S. 539 (1917)). 90Howey, 328 U.S. at 298, provides: The term “investment contract”…was common in many state “blue sky” laws in existence prior to the adoption of the federal statute and, although the term was also undefined by the state laws, it had been broadly construed by state courts so as to afford the investing public a full measure of protection. 91 SEC v. X.X. Xxxxxx Leasing Corp., 320 U.S. 344, 351 (1943) (holding that “the reach of the Act does not stop with the obvious and commonplace. Novel, uncommon, or irregular devices, whatever they appear to be, are also reached”). Courts have found a wide variety of unique investment schemes to constitute securities. See, e.g., SEC x. Xxxxxxx, 540 U.S. 389 (2004) (pay phones); Xxxxxx v. J.W.K. Props., Inc., 904 F.2d 918, 919 (4th Cir. 1990) (cattle breeding); Xxxxxx v. Cent. Chinchilla Group, Inc., 494 F.2d 414, 415 (8th Cir. 1974) (chinchillas); Cont’l Mktg. Corp. v. SEC, 387 F.2d 466 (10th Cir. 1967) (xxxxxxx); Xxx x. United States, 287 F.2d 435 (5th Cir. 1961) (mineral leases); Penfield Co. v. SEC, 143 F.2d 746, 747 (9th Cir. 1944) (whiskey bottling contracts); SEC v. Crude Oil Corp., 93 F.2d 844 (7th Cir. 1937) (crude oil sales contracts). 92 United Hous. Found., Inc. x. Xxxxxx, 421 U.S. 837, 848 (1975) (explaining that “[t]he task has fallen…to the federal courts to decide which of the myriad financial transactions in our society come within the coverage of [the Securities Acts]”). 93328 U.S. 293 (1946). 94 Id. at 301. The Court first interpreted the Securities Acts ten years after their being passed. Xxxxxx Leasing, 320 U.S. at 344. In Xxxxxx, the Court held that the proper test to determine the existence of a security “is what character the instrument is given in commerce by the terms of the offer, the plan of Xxxxx Company (Xxxxx), operate...
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