They can be consider a security in that they represent an investment with a security aspect.
If you are asking if they fall under the various security laws it depends on how they are bought and sold. If someone chooses to raise capital as a pooled vehicle to buy liens they they are definitely operating a securities business (legal or not depending on how they are organized).
This is not a useful question.
They can be consider a security in that they represent an investment with a security aspect.
If you are asking if they fall under the various security laws it depends on how they are bought and sold. If someone chooses to raise capital as a pooled vehicle to buy liens they they are definitely operating a securities business (legal or not depending on how they are organized).
What do you want to know?
John
[addsig]