Legal Opinion · Dissent
Tcherepnin v. Knight
Court of Appeals for the Seventh Circuit
Decided January 20, 1967No. Nos. 15631, 15633, 15634Published
1DissentCummings, Circuit Judge
My conclusion is that Chief Judge Campbell of the District Court correctly held that withdrawable capital shares1 in Illinois savings and loan associations are “securities” within the meaning of Section 3(a) (10) of the Securities Exchange Act of 1934 (15 U.S.C. § 78c(a) (10)), so that the anti-fraud provisions of that statute are applicable to this case. Savings and loan passbooks typically describe the owners as holding a savings account representing “share interests” in the association. Many associations reserve the right to require 30 days’ notice for withdrawals. Insurance, when…
2Cases cited17 opinions
- Securities and Exchange Commission v. W. J. Howey Co.Supreme Court of the United States · 1946
- Securities & Exchange Commission v. C. M. Joiner Leasing Corp.Supreme Court of the United States · 1943
- Securities & Exchange Commission v. Variable Annuity Life InsuranceSupreme Court of the United States · 1959
- Porter v. Aetna Casualty & Surety Co.Supreme Court of the United States · 1962
- Los Angeles Trust Deed & Mortgage Exchange v. Securities & Exchange CommissionCourt of Appeals for the Ninth Circuit · 1960
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