Legal Opinion
Rome v. HEI Res., Inc.
Colorado Court of Appeals
Decided November 20, 2014No. Court of Appeals No. 13CA2090PublishedCited by 3 opinions
1Opinion of the Court
Opinion by JUDGE BERGER
*854¶ 1 This case requires us to address the rules that determine when an interest in a general partnership or joint venture constitutes a security under the Colorado Securities Act (Act).1 The trial court applied a "strong presumption" that general partnership interests are not securities. We reject the strong presumption because it is inconsistent with the economic realities test-the controlling test in Colorado for identifying securities-and hold that the economic realities test, unencumbered by the strong presumption, determines when general partnership interests…
2Cases cited34 opinions
- John D. Williamson, Plaintiffs-Appellants-Cross v. Gordon G. Tucker, Defendants-Appellees-CrossCourt of Appeals for the Fifth Circuit · 1981
- Securities and Exchange Commission v. W. J. Howey Co.Supreme Court of the United States · 1946
- United Housing Foundation, Inc. v. FormanSupreme Court of the United States · 1975
- Securities & Exchange Commission v. ShieldsCourt of Appeals for the Tenth Circuit · 2014
- J. Donald GOODWIN, Appellant, v. ELKINS & CO., Robert G. Hayden, Richard Sichenzio, and Gabriel F. Nagy, AppelleesCourt of Appeals for the Third Circuit · 1984
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3Cited by3 opinions
- v. PeopleSupreme Court of Colorado · 2021
- Shaun David Keller LAWRENCE v. The PEOPLE of the State of ColoradoSupreme Court of Colorado · 2021
- Tung Chan, Securities Commissioner for the State of Colorado v. HEI Resources, Inc. f/k/a Heartland Energy, Inc. Charles Reed Cagle Brandon Davis Heartland Energy Development Corporation John Schiffner and JamesSupreme Court of Colorado · 2022