A Promissory Note Evidencing Commercial Indebtedness Is Not a Security Nor Is Its Issuance a Purchase or Sale Within the Meaning of the Securities Exchange Act of 1934
| dc.creator | Dawson, William B. | |
| dc.date.accessioned | 2018-11-13T16:54:07Z | |
| dc.date.available | 2018-11-13T16:54:07Z | |
| dc.date.issued | 1973 | |
| dc.description.abstract | The United States District Court for the Northern District of Texas in the case McClure v. First National Bank held that a promissory note securing an ordinary commercial loan was not a security within the meaning of the Securities Exchange Act of 1934, resulting in a dismissal of the claim. The author examines the McClure court’s decision and concludes that a note has been judicially determined to be as security when its maturity is over nine months, and the issuance of a promissory note has been rules a purchase or sale. As a result, the Fifth Circuit Court of Appeals should reverse the holding of McClure and hold that the issuance of a promissory note evidencing commercial indebtedness and having a maturity of over nine months is a transaction “in connection with the purchase or sale of a security” within the meaning of the securities Exchange Act of 1934. | en_US |
| dc.identifier.citation | 5 Tex. Tech L. Rev. 200 | en_US |
| dc.identifier.uri | https://hdl.handle.net/2346/82168 | |
| dc.language.iso | eng | en_US |
| dc.publisher | Texas Tech Law Review | en_US |
| dc.subject | Security | en_US |
| dc.subject | Commercial loan | en_US |
| dc.subject | Transaction | en_US |
| dc.subject | Issuance | en_US |
| dc.subject | Securities Exchange Act of 1934 | en_US |
| dc.subject | McClure v. First National Bank | en_US |
| dc.subject | Case note | en_US |
| dc.title | A Promissory Note Evidencing Commercial Indebtedness Is Not a Security Nor Is Its Issuance a Purchase or Sale Within the Meaning of the Securities Exchange Act of 1934 | en_US |
| dc.title.alternative | Securities Regulation—A Promissory Note Evidencing Commercial Indebtedness Is Not a Security Nor Is Its Issuance a Purchase or Sale Within the Meaning of the Securities Exchange Act of 1934 | en_US |
| dc.type | Article | en_US |