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I am attorney Laura Anthony founding partner of Legal Compliance, a full service corporate, securities, and business transactions law firm. Today is the continuation in a series of LawCasts discussing What is a security? In the last LawCast I talked about the Howey Test for determining when an investment contract is a security. The Howey Test has been applied to find that many non-traditional investments are a security. So, for instance, in a later case, the court found that sale of shares in a housing cooperative that were bundled with the cost of an apartment to be used as a residence, and where the co-op income is used for common operating expenses and upkeep of the building, there was not a securities transaction, even though it was the sale of shares in the co-op where the investors were attracted solely by the prospect of acquiring a place to live, and not by financial returns on their investment. However, courts have found that the sale of a condominium unit itself can be a se