Article

Real Estate Joint Venture Interests as Securities: The Implications of Williamson v. Tucker

Author: Marc H. Morgenstern (Kahn, Kleinman, Yanowitz & Arnson Co., LPA)

Abstract

The Fifth Circuit Court of Appeals in Williamson v. Tucker recently explicated the circumstances under which an interest in a real estate joint venture constitutes an investment contract and thus a security. The court also formulated a test for making such a determination. This Article discusses the history of investment contract analysis, critically examines the Williamson test, and suggests methods for joint venture promoters and their counsel to respond to the test.

Keywords: Joint ventures, Real estate investments, Securities, United States

How to Cite: Morgenstern, M. (1982) “Real Estate Joint Venture Interests as Securities: The Implications of Williamson v. Tucker”, Washington University Law Review. 59(4).