The 1933 Securities Act Defines the Term "Security

The 1933 Securities Act defines the term "security." The courts have generally interpreted the statutory definition to include non-traditional forms of investments.The Supreme Court of the United States has adopted a two-tier analysis of what constitutes a security.Within this analysis the Court has used a three-part test to determine whether a non-traditional financial transaction constitutes an investment contract and thus a security.Explain (a) the 1933 Act's statutory definition of security, (b) the courts' general interpretation of the 1933 Act's definition and (c) the Supreme Court's two-tier test.Use case law to illustrate your explanation, if appropriate.Also, why do you think the Supreme Court had to devise such an analysis?

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(a)
Any note, stock, bond, debenture, ev...

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