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BURKE v. STATE

79-126.

385 So.2d 648 (1980)

Ex parte State of Alabama. Re: James E. BURKE v. STATE of Alabama.

Supreme Court of Alabama.

July 7, 1980.

Attorney(s) appearing for the Case

Charles A. Graddick, Atty. Gen. and Joseph G. L. Marston, III, Asst. Atty. Gen., for petitioner.

Richard L. Taylor, Birmingham, for respondent.

Thomas L. Krebs, Montgomery, Director of Alabama Securities Commission, Carolyn L. Duncan and Thomas R. McAlpine, Asst. Attys. Gen., Joseph C. Long, Pro hac vice, Norman, Okl., for Amicus Curiae.

EMBRY, Justice.

Certiorari was granted in this case to reexamine this court's holding in Gallion v. Alabama Market Centers, Inc., 282 Ala. 679, 213 So.2d 841 (1968), which very narrowly defined the term "investment contract" as that phrase is used in the Alabama Securities Act. We hold the term "investment contract" is to be more broadly defined than it was in Gallion; however, we find that this more flexible definition...

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