American Bank & Trust v Jan Wallace Bank Fraud Case No. 82-5044.

19830808-american-bank-trust-v-wallace-bank-fraud-brief

19830808 American Bank & Trust v Wallace Bank Fraud Brief  –  Plaintiff appealed from a judgment of the United States District Court for the Eastern District of Kentucky, 529 F.Supp. 258,  Scott Reed, J., which dismissed its action for fraud and deceit in connection with the giving of a promissory note. The Court of Appeals, Cornelia G. Kennedy, Circuit Judge, held that short-term 30-day promissory note given in connection with a commercial loan transaction, which evidenced a loan and not an investment, was not a “security” within meaning of federal securities laws; thus, district court lacked subject-matter jurisdiction where action was based solely on federal securities laws.