Definition of blue-sky law in English:
A law regulating the sale of securities, intended to protect the public from fraud.
- Since bond indentures do not incorporate into themselves provisions of fraudulent, conveyance law, state corporation law, blue-sky law or the law of fraud, violations of these laws do not result in an Event of Default.
- New York's legislature was one of the last to pass a blue-sky law, letting through a deliberately enfeebled version.
- By 1933, all but one state had passed blue sky laws; today, all fifty states, the District of Columbia, Guam, and Puerto Rico have blue sky laws in force.
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