Michigan Appeals Court: Reves Test Determines If Promissory Note Is Security

(May 23, 2023, 11:26 AM EDT) -- DETROIT — The “family resemblance test” announced in Reves v. Ernst & Young is the appropriate assessment to use in Michigan to determine whether a promissory note is a security under the Michigan Uniform Securities Act, a Michigan appellate court panel ruled, reversing a trial court’s determination that the Reves test conflicted with Michigan law....

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