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DRAFT FOR ATTORNEY REVIEW — NOT FINAL

Section 2

Citation
Section 2
Parent Document
United Housing Foundation, Inc. v. Forman, 421 U.S. 837 (1975)
Effective Date
1975-10-06

Other Sections in This Document (195)

Full Text

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We reject at the outset any suggestion that the present transaction, evidenced by the sale of shares called "stock,"[13] must be considered a security transaction simply because the statutory definition of a security includes the words "any . . . stock." Rather we adhere to the basic principle that has guided all of the Court's decisions in this area: