Fed. Sec. L. Rep. P 91,612 R.J. Wolf v. Banco Nacional De Mexico, S.A., A/K/A Banamex

DUNIWAY, Circuit Judge:

The main issue in this appeal is whether a certificate of deposit for jaos, issued through interstate commerce‘to a United States resident by a Mexican bank, is a “security” for purposes of the federal securities laws. The holder of the certificate sued the bank after a devaluation of the Mexican currency shrank the dollar value of his investment. The district court found that the certificate was a security within the Securities Act of 1933 and, because the certificate was not registered, granted summary judgment against the bank. We reverse.

I. Facts.

Plaintiff R.J. Wolf…