Fed. Sec. L. Rep. P 94,737 Juanita McClure v. The First National Bank of Lubbock, Texas, Defendants-Appellees,gaines County Developments

RONEY, Circuit Judge:

There are two issues in this 10b-5 securities fraud case: first, whether the promissory note given together with a trust deed for a bank loan is a security controlled by the federal securities acts, and second, whether the pledge of corporate stock for renewal of the bank loan constituted a sale within the meaning of the securities law. On a motion to dismiss, the District Court held that under the allegations of fact in the complaint, neither the execution and delivery of the promissory note nor any of the associated transactions, which included the pledge of stock,…