{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/claims/5454054-032",
 "identifier": "kaal:claim:5454054-032",
 "text": "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.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
 },
 "citation": "Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054",
 "isBasedOn": {
  "@type": "ScholarlyArticle",
  "name": "Liquid Equity Rewards",
  "datePublished": "2025",
  "url": "https://ssrn.com/abstract=5454054",
  "sha256": "9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6",
  "encoding": "https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf"
 },
 "keywords": [
  "securities-law",
  "systemic-risk",
  "governance-design"
 ],
 "about": [
  "landreth",
  "securities-classification",
  "voting-rights",
  "dividends"
 ],
 "abstract": "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.",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "claim_type",
   "value": "condition"
  },
  {
   "@type": "PropertyValue",
   "name": "confidence",
   "value": "argued"
  },
  {
   "@type": "PropertyValue",
   "name": "scope_conditions",
   "value": [
    "United States securities law"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "is_failure_mode",
   "value": false
  },
  {
   "@type": "PropertyValue",
   "name": "attestations",
   "value": "https://wulfkaal.github.io/colloquium/attestations/51c5fa9bc105395daf9a7ec3f81b8376f2286f2389451e3bf5f8b631ab78d04d.json"
  },
  {
   "@type": "PropertyValue",
   "name": "edges",
   "value": []
  }
 ],
 "isPartOf": {
  "@id": "https://wulfkaal.github.io/claims/index.json"
 },
 "dateModified": "2026-07-27",
 "version": "1.0",
 "sha256": "51c5fa9bc105395daf9a7ec3f81b8376f2286f2389451e3bf5f8b631ab78d04d",
 "canonicalForm": "https://wulfkaal.github.io/claims/5454054-032.md"
}