On August 24, 2023, the Second Circuit affirmed a holding by the Southern District of New York in Kirschner v. JPMorgan Chase Bank, N.A., et. al., 2023 WL 5437811 (2d Cir. 2023),1 that notes issued as part of a syndicated loan transaction are not securities. In doing so, the Second Circuit also upheld the analysis and conclusion typically arrived at and relied upon by lenders under Reves v. Ernst & Young, 494 U.S. 56 (1990) when entering into syndicated loan transactions.