How have courts treated investor participation in determining whether a promissory note is a security?
California, United States of America
The following excerpt is from People v. Figueroa, 224 Cal.Rptr. 719, 41 Cal.3d 714, 715 P.2d 680 (Cal. 1986):
Finally, at least one case involving a promissory note has looked to investor participation in determining whether a note was a "security." People v. Schock, supra, 152 Cal.App.3d 379, 199 Cal.Rptr. 327 involved fractional interests in promissory
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