Because Louisiana courts also apply the Reves analysis in determining whether state securities laws should apply, these claims must also be dismissed as a matter of law.Godair v. Place Vendome Corp. of America, 648 So.2d 440, 444 (La.App. 1 Cir.1994). B. The WJLT-Matthews Note
La. Rev. Stat. Ann. § 51:7012(15)(a) (West 2012). Louisiana securities law was modeled after the federal system, and Louisiana courts employ the Reves analysis to determine whether a particular note is a security under Louisiana law. Godair v. Place Vendome Corp. of America, 648 So. 2d 440, 444 (La. App. 1 Cir. 1994). As previously discussed, the notes at issue in this case are securities under a Reves analysis.
{¶ 39} Initially, a note is presumed to be to be a security. Reves v. Ernst Young at 64-65; Bass v. Janney Montgomery Scott (C.A. 6, 2000), 210 F.3d 577, 584; Godair v. Place Vendome Corp. of America (La.App. 1994), 648 So.2d 440, 444. However, this presumption can be rebutted if the note bears a strong resemblance to enumerated categories of instruments including: (1) a note secured by a home mortgage; (2) a note delivered in consumer financing; (3) a short term note held as a lien on a small business or some of its assets; (4) a note evidencing a character loan to a bank customer; (5) a short term note secured by an assignment of accounts receivable; (6) a note evidencing a loan by a commercial bank; and (7) a note formalizing an open account debt in the ordinary course of business.