LIFE PARTNERS, INC. and Milkie/Ferguson Investment, Inc., Petitioners,
v.
Michael ARNOLD, Janet Arnold, Steve South as Trustee And on Behalf of the South Living Trust, John S. Ferris, M.D., Christine Duncan, And All Others Similarly Situated, Respondents
Life Partners Holdings, Inc., Life Partners, Inc., Brian. D. Pardo, R. Scott Peden, Advance Trust & Life Escrow Services, L.T.A., and Purchase Escrow Services, LLC, Petitioners,
v.
State of Texas, Respondent.
Supreme Court of Texas.https://leagle.com/images/logo.png
Argued January 15, 2015.
Opinion Delivered May 8, 2015.
Attorney(s) appearing for the Case
Hector De Leon , De Leon & Washburn, Austin, for Amicus Curiae Conestoga International, LLC.
Christopher M. Staley , NASAA, Washington, DC, for Amicus Curiae North American Securities Administrators Association.
Keith L. Langston , Langston Law Firm, Longview, Robert T. Cain Jr. , Alderman Cain & Neill PLLC, Scott C. Skelton , Skelton Slusher Barnhill Watkin Wells PLLC, Lufkin, for Respondents Michael Arnold, Janet Arnold, Steve South as Trustee on and on behalf of the South Living Trust, John S. Ferris, M.C., Christine Duncan, and all others similarly situated
Andy McSwain , Fulbright Winniford PC, Waco, for Petitioners Advanced Trust & Life Escrow Services LTA and Purchase Escrow Services
The primary issue in these two separate cases is whether a "life settlement agreement" or "viatical settlement agreement" is an "investment contract" and thus a "security" under the Texas Securities Act. We hold that the agreements at issue are investment contracts because they constitute transactions...
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