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HIGHLAND CAPITAL v. SCHNEIDER

8 N.Y.3d 406 (2007)

866 N.E.2d 1020

834 N.Y.S.2d 692

HIGHLAND CAPITAL MANAGEMENT LP, Appellant-Respondent, v. LEONARD SCHNEIDER et al., Respondents-Appellants and Third-Party-Plaintiffs, and JENKENS & GILCHRIST PARKER CHAPIN LLP, Respondent. RBC DOMINION SECURITIES CORP., Third-Party Defendant-Respondent.

Court of Appeals of the State of New York.

Decided April 3, 2007.

Attorney(s) appearing for the Case

Troutman Sanders LLP, New York City (Katherine C. Ash and Alvin M. Stein of counsel), for respondents-appellants.

Lackey Hershman, L.L.P. (Paul B. Lackey and Jamie R. Welton of the Texas bar, admitted pro hac vice, of counsel), for appellant-respondent.

Chief Judge KAYE and Judges CIPARICK, GRAFFEO and JONES concur with Judge READ; Judge SMITH dissents and votes to answer the certified question in the negative in a separate opinion in which Judge PIGOTT concurs.

OPINION OF THE COURT

READ, J.

The United States Court of Appeals for the Second Circuit has asked us whether the eight promissory notes at issue in this case are "securities" within the meaning of section 8-102 (a) (15) of the Uniform Commercial Code. For the reasons that follow, we conclude that they are.

I.

In April 1998, Norton McNaughton, Inc. (subsequently, McNaughton Apparel Group,...

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