This article Canada: Family Resemblance: When Is A Promissory Note Not A “Security”? deals with the classification of promissory notes as securities in Ontario law. The court considered the U.S. Supreme Court test of “family resemblance” in distinguishing which promissory notes are securities or other instruments. This article sets out details of the four factors to be relied upon when determining whether a promissory note is a “security”.
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