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CALIFORNIA CORPORATE & SECURITIES LAW

Five Gnostic Exemptions From The Qualification Requirements Of The Corporate Securities Law

When looking for exemptions from the qualification requirements of the California Corporate Securities Law of 1968, a good place to start is Chapter 1, Part 2, Division 1 of Title 4 of the Corporations Code.  Cal. Corp. Code § 25100 et seq.  If you don’t find an usable exemption there, another promising place to look is the rules of the Commissioner…

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Court Holds California Statute Does Not Bar Insurance for Defense Of Criminal Actions Filed By Federal Prosecutors

California Insurance Code Section 553.5(b) prohibits insurers from providing a defense for certain types of claims, including criminal claims.  Does statute preclude a defense for all criminal claims or just some?  In Mt. Hawley Ins. Co. v. Lopez,  215 Cal. App. 4th 1385 (2013), the Court of Appeal considered the question at some length.  After…

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Wager, Insurance, Bucketing or Swap?

In yesterday’s post, I mentioned Professor Joan Heminway’s recent essay on crowd funding.  She notes that some crowd funding arrangements may “may look less like investment instruments commonly known as common stock or debentures, and more like loans, gambling bets, rights to consumable products or services or charitable or other nonprofit donations.”  See “What is…

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