3 ms·
No airline miles are not a security. They are non-negotiable, you can't sell them, they expire, they don't represent an ownership interest.
by Sleeep 9y ago
No airline miles are not a security. They are non-negotiable, you can't sell them, they expire, they don't represent an ownership interest.
- vasilipupkin 9y agonegotiability, ability to sell, expiration and ownership interest are not part of howey test op described