Ratliffe v. Hartsfield Co.

The Supreme Court decided in this case, on certiorari, that “The ‘investment certificate’ issued by the plaintiff is a security as defined in section 5 of the act of 1920 (Ga. L. 1920, p. 250), as amended by the act of 1922 (Ga. L. 1922, pp. 156, 157). See Code of 1933, §§ 97-101 et seq. It is not excepted from the operation of said acts either by § 97-302 or § 97-303 of the Code of 1933, and is such a security as is intended to be covered by said acts as a class D security, required to be listed with the Securities Commission. Failure of the plaintiff to comply with the provisions of the…