Practice question
An issuer sells mortgage-secured notes to three separate purchasers in three separate sales and relies solely on SRC Section10.1(f). No other exemption is established. It argues mortgage security alone completes that exemption. Which answer is correct?
- The stated single-purchaser, single-sale package requirement is missing
- Mortgage security alone always completes Section10.1(f)
- The number of purchasers is expressly irrelevant to this subsection
- Every secured note is automatically outside the securities definition
- The issuer may replace statutory conditions by calling the sales one program
Legal references
- RA8799 Securities Regulation Code: https://lawphil.net/statutes/repacts/ra2000/ra_8799_2000.html Section10.1(f).
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