Blau v. Redmond

In reversing the grant of summary judgment by the trial court, this court has ruled that an interest-free "loan” (so-characterized by the agreement itself) from the parents of a child attending a private school to the trustees of that school, for the duration of the child’s enrollment, constitutes a "security” within the meaning of the Georgia Securities Act of 1973 (Code Ann. § 97-101, et seq. (Ga. L. 1973, pp. 1202-1260)). In reaching this result, the majority reasoned that the above-described agreement was a "note” or "evidence of indebtedness,” and, for that reason alone, within the ambit…