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Business Organizations Keyed to Sjostrom
Securities and Exchange Commission v. W.J. Howey Co.
Citation:
328 U.S. 293 (1946)Facts
Respondents, W.J. Howey Company and Howey-in-the-Hills Service, Inc., are Florida corporations under direct common control and management. Each prospective customer is offered both a land sales contract and a serve contract. While the purchaser is free to make arrangements with other service companies, the superiority of Howey-in-the-Hills Service, Inc., is stressed. The service contract gives Howey-in-the-Hills Service, Inc., a leasehold interest and full and complete possession of the acreage. The company is given full discretion and authority over the cultivation of the groves and the marketing of the crops. Without the consent of the company, the landowner or purchaser has no right of entry to market the crop. The purchasers for the most part are non-residents of Florida. They are predominantly business and professional people who lack the knowledge, skill and equipment necessary for the cultivation of citrus trees. They are told that the groves are for sale;; if they indicate an interest in the matter they are then given a sales talk. The Securities and Exchange Commission instituted this action to restrain the respondents from using the mails and instrumentalities of interstate commerce in the offer and sale of unregistered and non-exempt securities in violation of section 5(a) of the Securities Act.
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