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Quotation from SEC v. W. J. Howey Co. by Supreme Court of the United States
“It embodies a flexible rather than a static principle, one that is capable of adaptation to meet the countless and variable schemes devised by those who seek the use of the money of others on the promise of profits.”
SEC v. W. J. Howey Co., Opinion of the Court (Justice Murphy) (U.S. Reports text (Wikisource))
Justice Murphy explains why the definition must be adaptable rather than tied to particular forms.
Citation: "It embodies a flexible rather than a static principle, one that is capable of adaptation to meet the countless and variable schemes devised by those who seek the use of the money of others on the promise of profits." — Supreme Court of the United States, SEC v. W. J. Howey Co., Opinion of the Court (Justice Murphy) (U.S. Reports text (Wikisource)). (id sec-v-w-j-howey-co-q2)
Portrait: Justice Frank Murphy, Harris & Ewing, Public domain.
