State v. Silberberg

The question here presented is whether the contracts entered into between the defendants and the purchasers are securities required to be registered under the Ohio Scurities Act, or are they exempt from such registration?

The courts have had difficulty in determining what constitutes a ‘‘security.” As a rule they have preferred not to work out an all-inclusive definition, but have chosen to draw the lines of demarcation as the circumstances of each case present themselves.

In determining whether an interest is an investment contract or an interest in a real estate transaction, the principal…