investment contract
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 328 U.S. 293 - Securities & Exchange Commission v. W. J. Howey Co. · 1946Most cited · 3,691 citing opinions
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