University of Baltimore Law Review


The Uniform Securities Act, which has been adopted in nearly every state, places the burden of proving an exemption from its blue sky registration provisions on the person claiming the exemption. Although some courts have interpreted this to mean the defendant has only the burden of raising the issue of exemption, most courts have placed the entire burden of persuasion on the defendant. This comment examines both rules to determine whether they are constitutional in light of the Supreme Court decisions on shifting burdens.