This article continues a series which explains when securities laws impact business transactions. The focus of this article is on promissory notes and the jurisprudence which has been developed to determine when such a note qualifies as a security for the purposes of the federal securities laws. The article details the primary test developed by the Supreme Court to address this question and also looks at the factors which push promissory notes to one category or the other.
- Summary by FizzLaw Team
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When does a deal involve securities regulation? Part 4: Promissory Notes