United States v. Davis

N.D. Illinois

United States v. Davis

40 F. Supp. 246, 2 SEC Jud. Dec. 377, 1941 U.S. Dist. LEXIS 2901

CourtDistrict Court, N.D. Illinois

DecidedJune 18, 1941

DocketNo. 32220

StatusPublished

Cited by1 cases

This text of 40 F. Supp. 246 (United States v. Davis) is published on Counsel Stack Legal Research, covering District Court, N.D. Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

United States v. Davis, 40 F. Supp. 246, 2 SEC Jud. Dec. 377, 1941 U.S. Dist. LEXIS 2901 (N.D. Ill. 1941).

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Opinion

HOLLY, District Judge.

I am of the opinion that the certificate which the defendants are charged in counts 19 to 24 with sending through the mails without having a registered statement in effect with the Securities and Exchange Commission is a security. The documents recite in substance that the named person has become a member of a cooperative association and entitled to participate in the distribution of certain profits. The certificate is curiously worded but that is the effect of it. Profit sharing agreements are securities within the meaning of the statute. § 77e, Title 15 U.S.C.A.

The motion to quash is overruled. An order to that effect will be entered June 18, .1941.

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HOLLY, District Judge.

I am of the opinion that the certificate which the defendants are charged in counts 19 to 24 with sending through the mails without having a registered statement in effect with the Securities and Exchange Commission is a security. The documents recite in substance that the named person has become a member of a cooperative association and entitled to participate in the distribution of certain profits. The certificate is curiously worded but that is the effect of it. Profit sharing agreements are securities within the meaning of the statute. § 77e, Title 15 U.S.C.A.

The motion to quash is overruled. An order to that effect will be entered June 18, .1941.

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Bluebook (online)

40 F. Supp. 246, 2 SEC Jud. Dec. 377, 1941 U.S. Dist. LEXIS 2901, Counsel Stack Legal Research, https://law.counselstack.com/opinion/united-states-v-davis-ilnd-1941.

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