Definition of "Security"

What this video covers

• Why the Uniform Securities Act (USA) definition of "security" is deliberately broad, and how that breadth catches profit-sharing agreements, investment contracts, and oil/gas titles
• The sneaky certificate of deposit distinction: CD for a security is included, but a regular bank CD is explicitly excluded
• Why fixed annuities are excluded as insurance products, while variable annuities are securities because the investor assumes market risk
• The four elements of the Howey test: investment of money, common enterprise, expectation of profits, and efforts of others
• Why courts interpret "solely" from the efforts of others to mean primarily or predominantly, and why minor investor involvement does not escape classification
• How to apply the Howey test step-by-step to unusual arrangements to determine whether registration is required
• The consumption-use trap: when a buyer purchases an asset for personal enjoyment rather than financial return, the expectation-of-profits element fails