Williamson v. Tucker’s Empirical Analysis
632 F.2d 579 · 1980
Citation profile
16 federal appellate · 1 district · 3 state decisions
Relationships
Relies on Baker v. Carr · Bell v. Hood · Powell v. McCormack · Hagans v. Lavine · Duke Power Co. v. Carolina Environmental Study Group, Inc.
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 36 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“The term ‘security’ means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, ... investment contract ... or, in general, any interest or instrument commonly known as a 'security'_”
3 later decisions quote this exact passage · from the majority“An investor who retains control over his investment has not purchased an interest in a common venture “premised on the reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others,” even if he has contracted with the vendor for the management of the property. Fargo Partners v. Dain Corp. [ 540 F.2d 912 (8th Cir. 1976)], supra; Schultz v. Dain Corp. [ 568 F.2d 612 (8th Cir. 1978) ], supra. So long as the investor retains ultimate control, he has the power over the investment and the access to information about it which is necessary to protect against any unwilling dependence on the manager. It is not enough, therefore, that partners in fact rely on others for the management of their investment; a partnership can be an investment contract only when the partners are so dependent on a particular manager that they cannot replace him or otherwise exercise ultimate control.”
1 later decision quote this exact passage · from the majority“[A]n investment contract for purposes of [the securities laws] 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----”
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.