Milnarik v. M-S Commodities, Inc.’s Empirical Analysis
1970
Citation profile
4 federal appellate · 1 state decisions
Relationships
Applies 15 U.S.C. § 77A (§ 1 of the Securities Act of 1933) · 15 U.S.C. § 77B (§ 2 of the Securities Act of 1933) · 15 U.S.C. § 77D (§ 4 of the Securities Act of 1933) · 15 U.S.C. § 77E (§ 5 of the Securities Act of 1933) · 15 U.S.C. § 78A (§ 1 of the Securities Exchange Act of 1934) · 15 U.S.C. § 78C (§ 3 of the Securities Exchange Act of 1934) · 15 U.S.C. § 78J (§ 10 of the Securities Exchange Act of 1934)
Relies on Securities & Exchange Commission v. W. J. Howey Co. · Tcherepnin v. Knight · Securities & Exchange Commission v. C. M. Joiner Leasing Corp. · Burns v. Wilson · Securities & Exchange Commission v. Ralston Purina Co.
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 12 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“"`In essence, this contract creates an agency-for-hire rather than constituting the sale of a unit of a larger enterprise. No matter how many different persons Nelson became an agent for under similar or even identical discretionary contracts, his relationship with each would remain as that of agent and principal. Each contract creating this relationship is unitary in nature and each will be a success or failure without regard to the others. Some may show a profit, some a loss, but they are independent of each other.'" Milnarik at 277 quoting Milnarik v. M-S Commodities, Inc., 320 F. Supp. 1149, 1151 (N.D.Ill. 1970).”
3 later decisions quote this exact passage · from the majority“The requisite factual listings needed in a registration statement for a discretionary account would be difficult to define and the Commission would find it equally arduous to enforce accurate registration. The administration of any such registration requirements would be at least as difficult to enforce over discretionary trading accounts as it would be over such other atypical types of securities as puts and calls, which the Commission has also never required to be registered under Section 5 precisely because of these practical difficulties of administration. See, generally, 1 Loss, Securities Regulation, pp. 467-469 (2d ed. 1961).”
1 later decision quote this exact passage · from the majority“It should be noted that the Securities and Exchange Commission apparently is of the same opinion, i. e., that no public offering is involved in the creation of a discretionary brokerage account whether in securities or commodities since, we are advised, it has never proceeded against any broker or dealer soliciting and accepting such accounts solely for failure to register under the Securities Act of 1933, even though such discretionary accounts have been in widespread use during the 37 years since the Act's enactment.”
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.