State v. Tober

I dissent. In reversing appellants’ convictions, the majority holds that A.R.S. § 44-1801(22), which defines a security as “any note,” is unconstitutionally vague, and I disagree.

“[A]ny note” means what it says: any note. A.R.S. § 47-3104 defines a note as follows:

A. Any writing to be a negotiable instrument within this chapter must:

1. Be signed by the maker or drawer; and

2. Contain an unconditional promise or order to pay a sum certain in money and no other promise, order, obligation or power given by the maker or drawer except as authorized by this chapter; and

3. Be payable on demand or at…