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See Securities Regulation－case and material， Richard W. Jennings, Harold Marsh, Jr, John C. Coffee. Jr, Joel Seligman, Foundation Press, 1998, p355。.
为了便于读者更准确理解这几个因素，笔者在此处注出英文原文，以便对照阅读。We examine the transaction to assess the motivations that would prompt a reasonable seller and buyer to enter into it. See Securities Regulation－case and material， Richard W. Jennings, Harold Marsh, Jr, John C. Coffee. Jr, Joel Seligman, Foundation Press, 1998, p355。.
If the seller’s purpose to raise money for the general use of a business enterprise or to finance substantial investments and the buyer is interested primarily in the profit the note is expected to generate, the instrument is likely to be a “security”.
If the note is exchanged to facilitate the purchase and sale of a minor asset or consumer good, to correct for the seller’s cash-flow difficulties, or to advance some other commercial or consumer purpose, on the other hand, the note is less sensibly described as a “security”.
Supreme Court of the United States, 1985, 471 U.S. 681, 105 S.CT. 2297, 85 L.Ed. 2d 692.
International Brotherhood of Teamsters, Chauffeurs, etc v.Daniel，Supreme Court of The United States， 1979， 439 U. S. 551, 99 S.Ct. 790, 58 L. Ed. 2d 808.
213 Ark. 105, 106, 209 S.W. 2d 449, 450 (1948).
Note payable on demand is due immediately. 同上注。
Statute of limitations is triggered by the date of issuance rather than by date of first demand. 同上注。
The maturity of a demand note within the meaning of 3(a)(10) is immediate, which of course less than nine months.
See Securities Regulation－case and material， Richard W. Jennings, Harold Marsh, Jr, John C. Coffee. Jr, Joel Seligman, Foundation Press, 1998, p359。
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