kaal:claim:5454054-032

Because Landreth holds that instruments carrying equity attributes such as dividends or voting rights are securities, LER rewards cannot include any such features and must function as independent loyalty perks.

Source quote, verbatim
This is reinforced by SEC v. Landreth Timber Co. (1985), where the court held that stock sales are securities if they carry equity attributes like dividends or voting rights. Therefore, LER rewards cannot include such features.
From

Wulf A. Kaal, Liquid Equity Rewards (2025), Separation of Equity and Rewards, p. 26
https://ssrn.com/abstract=5454054 · source PDF

Cite as

Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

Holds when
Classification

conditionsupport: arguedsecurities-lawsystemic-riskgovernance-design

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