The author addresses the issue of whether a bank loan participation is a security within the coverage of the federal securities laws. Criticizing the concept of a commercial/investment dichotomy used by courts to resolve the question, the commentator proposes that congressional or Supreme Court clarification of "investment," "investors," and the status of bank financing under the acts is needed.
Bank Loan Participations as Securities: Notes, Investment Contracts, and the Commercial/Investment Dichotomy,
Duq. L. Rev.
Available at: https://dsc.duq.edu/dlr/vol15/iss2/8