California Corporate & Securities Law

The definitions of "security" in Section 2(a)(1) of the Securities Act and Section 3(a)(10) consist of long lists of instruments. Nowhere in these lists are partnerships interests. In 1981, the Fifth Circuit Court of Appeals adopted three factors...

California Corporations Code Section 25019 defines "security" not by saying what a security is but by providing examples of numerous types of securities. In this respect, Section 25019 is reminiscent of Section 2(a)(1) of the Securities Act of 1933....