To support his efforts in the writing of a new novel,Madden sold various patrons an interest in the forthcoming novel.The patrons agreed to supply him with money in exchange for

To support his efforts in the writing of a new novel,Madden sold various patrons an interest in the forthcoming novel.The patrons agreed to supply him with money in exchange for a return on their investments out of any profits Madden made in the sale of the novel.Could this scheme be considered a sale of securities? Why or why not?


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