Court of Appeals for the Ninth Circuit August 10, 1984, 84-1693 (Fed. Sec. L. Rep. P 91,612 R.J. Wolf v. Banco Nacional De Mexico, S.A., A/K/A Banamex)

DUNIWAY, Circuit Judge:

The main issue in this appeal is whether a certificate of deposit for jaos, issued through interstate commerce‘to a United States resident by a Mexican bank, is a “security” for purposes of the federal securities laws. The holder of the certificate sued the bank after a devaluation of the Mexican currency shrank the dollar value of his investment.