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Quotation from Reves v. Ernst & Young by Supreme Court of the United States
“A note is presumed to be a "security," and that presumption may be rebutted only by a showing that the note bears a strong resemblance (in terms of the four factors we have identified) to one of the enumerated categories of instrument.”
Reves v. Ernst & Young, Opinion of the Court (Justice Marshall), Part II-A (U.S. Reports text (Wikisource))
Justice Marshall states the family resemblance test the Court adopts.
Citation: "A note is presumed to be a "security," and that presumption may be rebutted only by a showing that the note bears a strong resemblance (in terms of the four factors we have identified) to one of the enumerated categories of instrument." — Supreme Court of the United States, Reves v. Ernst & Young, Opinion of the Court (Justice Marshall), Part II-A (U.S. Reports text (Wikisource)). (id reves-v-ernst-and-young-q3)
Portrait: Thurgood-marshall-2, Robert S. Oakes, Public domain.
