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McCLURE v. FIRST NATIONAL BANK OF LUBBOCK, TEXAS

No. 73-1376.

497 F.2d 490 (1974)

Juanita McCLURE, Plaintiff-Appellant, v. The FIRST NATIONAL BANK OF LUBBOCK, TEXAS, et al., Defendants-Appellees, Gaines County Developments, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

Rehearing and Rehearing Denied October 7, 1974.

Attorney(s) appearing for the Case

Harold D. Hammett, Fort Worth, Tex., for McClure & Gaines.

James H. Milam, Lubbock, Tex., for First Nat'l.

Michael R. Waller, Houston, Tex., for Emens.

Thos. Jefferson Griffith, Lubbock, Tex., for Hanslik.

Before BELL, COLEMAN and RONEY, Circuit Judges.

Rehearing and Rehearing En Banc Denied October 7, 1974.

RONEY, Circuit Judge:

There are two issues in this 10b-5 securities fraud case: first, whether the promissory note given together with a trust deed for a bank loan is a security controlled by the federal securities acts, and second, whether the pledge of corporate stock for renewal of the bank loan constituted a sale within the meaning of the securities law. On a motion to dismiss, the District...

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