Waters v. Millsap

|14I would affirm the circuit court’s ruling that the loan transactions at issue were not securities within the purview of the Arkansas Securities Act, currently codified at Arkansas Code Annotated §§ 23-42-101 to -509 (Repl.2012 & Supp.2013). Even if the circuit court’s order fails to mention any reliance on Schultz v. Rector-Phillips-Morse, Inc., 261 Ark. 769, 552 S.W.2d 4 (1977), that decision and its all-factor consideration was well argued before the circuit court, and I believe that under our de novo review, the circuit court’s ruling can be affirmed as reaching the right result. See…