Securities Administrator v. Pacific Memorial Plan, Inc.

ORDER

The defendant's motion for an order dismissing plaintiff's complaint for failure to state a cause of action was heard on April 3, 1980. The parties appeared by counsel.

Plaintiff Securities Administrator ("SA") has alleged in its complaint that defendant Pacific Memorial Plan, Inc., ("PMP") is selling investment contracts that require regulation as securities under Title XLI of the Guam Government Code. This court finds that the pre-need agreements at issue here are not investment contracts, and, therefore, are not subject to regulation as securities.

Defendant PMP is in the business of…