People v. Black

A promissory note for a loan to aid defendant’s development scheme, which was not offered to the general public, is not considered a “security.”  An individually negotiated and issued promissory note for a loan to aid a defendant’s development scheme is not a “security” within the meaning of California’s Corporate Securities Law since the note was not offered to the general public.

California Court of Appeal, Sixth District (Premo, J.); February 16, 2017; 2017 WL 632213

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