McCurnin v. Kohlmeyer & Co.’s Empirical Analysis
1972
Citation profile
16 federal appellate · 5 district · 4 state decisions
Relationships
Applies 15 U.S.C. § 77B (§ 2 of the Securities Act of 1933) · 15 U.S.C. § 77Q (§ 17 of the Securities Act of 1933) · 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) · 7 U.S.C. § 1 (CFTC Reauthorization Act of 1995) · 7 U.S.C. § 6B
Relies on Securities & Exchange Commission v. W. J. Howey Co. · Tcherepnin v. Knight · Securities & Exchange Commission v. C. M. Joiner Leasing Corp. · Chapman v. Rudd Paint & Varnish Co. · Continental Marketing Corp. v. Securities & Exchange Commission
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 44 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“A commodity future contract is no more or less than an option; the purchaser agrees to take delivery, or the seller agrees to make delivery, of a specified commodity at a specified future time at a specified price. Unless the investor reverses his position timely by selling what he has bought or buying what he has sold, he must accept delivery of the commodity and pay the full purchase price as set by the contract (or deliver the commodity against full payment, if he has sold). He is in no way investing his money in a common enterprise, nor is he led to expect profits solely from the efforts of any third party. The “enterprise” is an individual one. The expectation of profit arises solely from the speculative hope that the market price of the underlying commodity will vary in his favor, permitting purchase or sale at a profit. 340 F.Supp. at 1341 .”
5 later decisions quote this exact passage · from the majority“[A]n investment contract for purposes of the Securities Act means a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party, it being immaterial whether the shares in the enterprise are evidenced by formal certificates or by nominal interests in the physical assets employed in the enterprise. ****** The test is whether the scheme involves an investment of money in a. common enterprise with profits to come solely from the efforts of others. Id. at 298-99, 301 , 66 S.Ct. at 1103, 1104 .”
2 later decisions quote this exact passage · from the majority““The test ... is what character the instrument is given in commerce by the terms of the offer, the plan of distribution, and the economic inducement held out to the prospect.” 64 S.Ct. at 124 .”
2 later decisions 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.