Court Opinion

ID: 9428134
Source: CourtListenerOpinion
Date Created: 2023-08-02 23:22:55.203543+00
Date Added: 2024-06-11T17:23:11.977472
License: Public Domain

Justice Blackmun,
concurring in the judgment.
While I agree that a pledge of stock to a bank as collateral for a loan is an “offer or sale” of a security within the mean*432ing of § 17 (a) of the Securities Act of 1933, 15 U. S. C. § 77q (a), I reach that conclusion by a slightly different route than does the Court. The Court holds that a pledge confers an “interest in a security,” and that therefore a pledge of shares of stock as collateral for a loan constitutes a “disposition of [an] interest in a security, for value” within the meaning of § 2 (3) of the Act, 15 U. S. C. § 77b (3). Ante, at 429. I would hold simply that a pledge of stock as collateral is a type of “disposition” within the meaning of § 2 (3). See United States v. Gentile, 530 F. 2d 461, 466 (CA2), cert, denied, 426 U. S. 936 (1976) (interpreting § 2 (3) of the 1933 Act). Cf. §3 (a)(14) of the Securities Exchange Act of 1934, 15 U. S. C. § 78c (a) (14) (“[t]he terms 'sale’ and 'sell’ each include any contract to sell or otherwise dispose of”) ; Mansbach v. Prescott, Ball & Turben, 598 F. 2d 1017, 1029 (CA6 1979) (interpreting § 3 (a)(14) of the 1934 Act).