Quotes · Quote card
Quotation from SEC v. W. J. Howey Co. by Supreme Court of the United States
“'Investment contract' is not a term of art; it is conception dependent upon the circumstances of a particular situation.”
SEC v. W. J. Howey Co., Dissent of Justice Frankfurter (U.S. Reports text (Wikisource))
Justice Frankfurter opens his dissent by treating the question as one of fact for the trial court.
Citation: "'Investment contract' is not a term of art; it is conception dependent upon the circumstances of a particular situation." — Supreme Court of the United States, SEC v. W. J. Howey Co., Dissent of Justice Frankfurter (U.S. Reports text (Wikisource)). (id sec-v-w-j-howey-co-q5)
Portrait: Justice Frank Murphy, Harris & Ewing, Public domain.
