The Definition of a Security under the Federal Securities Law Revisited

The United States Supreme Court recently decided two cases involving the definition of "security" as used in the federal securities acts. In this brief case comment I will summarize the majority and dissenting opinions in Landreth Timber Co. v. Landreth, and Gould v. Ruefenacht . I will then comment on some of the policy questions raised by the cases, and conclude by evaluating how much guidance the two cases provide on the proper definition of "security".