SEC. & EXCHANGE COM'N v. MT. VERNON MEMORIAL PARK

Nos. 78-3569, 79-4016.

664 F.2d 1358 (1982)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellant, v. MOUNT VERNON MEMORIAL PARK, et al., Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided January 4, 1982.

Rehearing Denied February 8, 1982.


Attorney(s) appearing for the Case

Jacob H. Stillman, Washington, D. C., argued, for plaintiff-appellant; David A. Sirignano, Washington, D. C., on brief.

Robert P. Murphy, O'Brien & Hallisey, San Francisco, Cal., for defendants-appellees.

Before KENNEDY, PREGERSON and POOLE, Circuit Judges.


POOLE, Circuit Judge:

In this appeal, we must decide whether the Mount Vernon Memorial Park (Mount Vernon), a Sacramento cemetery and mortuary which issued debentures in connection with the sale of its services, is an "investment company" within the meaning of the Investment Company Act of 1940 (Act), 15 U.S.C. § 80a-1 et seq.1 In a two-count complaint filed in the district court, the Securities and Exchange Commission (Commission...

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