Opinion
SC: 165824 COA: 358656
12-20-2023
LA DEVELOPERS, LLC and David Byker, Petitioners-Appellants, v. DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS—CORPORATIONS, SECURITIES, AND COMMERCIAL LICENSING BUREAU, Respondent-Appellee.
Kent CC: 20-002976-AA
Order
On order of the Court, the application for leave to appeal the May 18, 2023 judgment of the Court of Appeals is considered. We direct the Clerk to schedule oral argument on the application. MCR 7.305(H)(1). The parties shall file supplemental briefs in accordance with MCR 7.312(E), addressing: (1) whether the five- factor test embedded in MCL 451.2102c(c)(i)(A)-(E) is to be applied when determining whether a promissory note is a "security" as that term is defined under MCL 451.2102c or, alternatively, (2) whether the test to be applied is the "family resemblance test" announced in Reves v Ernst & Young, 494 U.S. 56, 110 S.Ct. 945, 108 L.Ed;2d 47 (1990).
The North American Securities Administrators Association, Inc. and the Business Law Section of the State Bar of Michigan are invited to file briefs amicus curiae. Other persons or groups interested in the determination of the issues presented in this case may move the Court for permission to file briefs amicus curiae.