Borrowing Money? The Legislature May Require You To Tell The DOC

California defines a “security” to include an “evidence of indebtedness” in Section 25019.  Thus, when someone borrows money, they may be offering and selling a security in the form of an “evidence of indebtedness”.  I say “may” because “[d]espite their inclusion in the statutory definition, not every note or evidence of indebtedness constitutes a security under