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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

An originator issues asset-backed securities supported by a pool of receivables. The instruments confer investment participation, while the underlying borrowers separately owe their trade debts. The originator says the investment instruments are outside Section3.1 solely because the underlying assets are receivables rather than corporate stock. Which answer is correct?

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Section3.1(a) expressly includes asset-backed securities; the underlying asset type does not support the claimed stock-only exclusion Only instruments backed by voting shares may be securities The originator’s name determines the classification Receivables can never support an investment security as a matter of the statutory list

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