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Securities Regulation Keyed to Coffee
Securities and Exchange Commission v. W. J. Howey Co.
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*Case Brief Anatomy includes: Brief Prologue, Complete Case Brief, Brief Epilogue
- The Brief Prologue provides necessary case brief introductory information and includes:
- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
- Case Key Terms, Acts, Doctrines, etc.: A case specific Legal Term Dictionary.
- Case Doctrines, Acts, Statutes, Amendments and Treatises: Identifies and Defines Legal Authority used in this case.
- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
- Brief Facts: A Synopsis of the Facts of the case.
- Rule of Law: Identifies the Legal Principle the Court used in deciding the case.
- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
Howey owned a large citrus grove and solicited investors to participate in his business venture. Howey would implement a land sale contract for a small portion of the grove to the investor while also having them enter into a service contract for cultivation of that land. The service contract granted Howey the complete right to possession due to the investor not taking part in cultivation of any sort. Once harvested, the investor would get an account for the produce yielded by the strip they invested in, however the fruit was marketed exclusively by Howey. Howey utilized various agencies of interstate commerce when endorsing this arrangement but failed to register the contracts and “securities” with the SEC. This led to the SEC bringing an action seeking an injunction against the use of interstate commerce on the grounds that Howey established sales of unregistered securities, violating § 5(a) of Securities Act of 1933. Trial court denied the injunction, saying that the contract arrangement did not provide sales of securities. The court of appeals affirmed. The SEC sought certiorari.
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
- Holding: Shares the Court's answer to the legal questions raised in the issue.
- Concurring / Dissenting Opinions: Includes valuable concurring or dissenting opinions and their key points.
- Reasoning and Analysis: Identifies the chain of argument(s) which led the judges to rule as they did.
- The Brief Prologue closes the case brief with important forward-looking discussion and includes:
- Policy: Identifies the Policy if any that has been established by the case.
- Court Direction: Shares where the Court went from here for this case.