Silverman v. Landa’s Empirical Analysis
1961
Citation profile
3 federal appellate ·
Relationships
Applies 15 U.S.C. § 78C (§ 3 of the Securities Exchange Act of 1934) · 15 U.S.C. § 78I (§ 9 of the Securities Exchange Act of 1934) · 15 U.S.C. § 78P (§ 16 of the Securities Exchange Act of 1934)
Relies on Smolowe v. Delendo Corp. · Garrison v. United States · Park & Tilford, Inc. v. Schulte · Blau v. Ogsbury · Shaw v. Dreyfus
Most-quoted passages
The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 4 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
““The section thus prohibits two types of sales. In one the insider does not own the security sold but borrows to make delivery, subsequently buying an identical number of shares to deliver to the lender to complete the transaction. In the other, the insider owns sufficient securities to cover the sale but chooses to borrow to make delivery. Subsequently, he completes the transaction by either buying stock or using his own stock to repay the lender. The latter is known as ‘selling against the box,’ and has exactly the same effect on the stock market as the short sale by a seller who owns no stock at the time of the sale.””
1 later decision quote this exact passage · from the majority
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.