The 1934 Act definition of a security is similar to the 1933 Act definition except that it excludes notes and drafts that mature not more than nine months from the date of issuance.

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The statement is true. The 1934 Act definition of a security is indeed similar to the 1933 Act definition, but it excludes notes and drafts that mature not more than nine months from the date of issuance.

The 1934 Act Definition of a Security Is Similar to the 1933