context: Defendants' liter-alist approach to this definition, an apparent source of much discourse among the courts in this circuit and others, has been explicitly rejected by the Second Circuit. In Zeller, the Second Circuit held that "the mere fact that a note has a maturity of less than nine months does not take the case out of Rule 10b-5, unless the note fits the general notion of 'commercial paper' ...."
citation_a.signal: no signal
citation_a.parenthetical: declining to determine whether exclusion of short-term notes in SS 3(a)(10) should be given literal effect
citation_a.sentence: Id. at 800. See also Reves v. Ernst & Young, 494 U.S. 56, 70-71, 110 S.Ct. 945, 108 L.Ed.2d 47 (1990) (declining to determine whether exclusion of short-term notes in § 3(a)(10) should be given literal effect); SEC v. American Bd. of Trade, Inc., 751 F.2d 529, 538 (2d Cir.1984) (noting that decisional law bars a literal reading of § 3(a)(10) and that a note with maturity less than nine months may be a “security”); cf. Exchange Nat’l Bank v. Touche Ross & Co., 544 F.2d 1126, 1138 (2d Cir.1976) (enumerating categories in which notes with a maturity exceeding nine months may not constitute a “security”) and Chemical Bank v. Arthur Andersen & Co., 726 F.2d 930, 939 (2d Cir.1984) (same).
citation_b.signal: cf.
citation_b.identifier: 544 F.2d 1126, 1138
citation_b.parenthetical: enumerating categories in which notes with a maturity exceeding nine months may not constitute a "security"
citation_b.sentence: Id. at 800. See also Reves v. Ernst & Young, 494 U.S. 56, 70-71, 110 S.Ct. 945, 108 L.Ed.2d 47 (1990) (declining to determine whether exclusion of short-term notes in § 3(a)(10) should be given literal effect); SEC v. American Bd. of Trade, Inc., 751 F.2d 529, 538 (2d Cir.1984) (noting that decisional law bars a literal reading of § 3(a)(10) and that a note with maturity less than nine months may be a “security”); cf. Exchange Nat’l Bank v. Touche Ross & Co., 544 F.2d 1126, 1138 (2d Cir.1976) (enumerating categories in which notes with a maturity exceeding nine months may not constitute a “security”) and Chemical Bank v. Arthur Andersen & Co., 726 F.2d 930, 939 (2d Cir.1984) (same).