Answer:
No
Explanation:
No. "sale" or "sell" includes every attempt or offer to dispose of, or solicitation of an offer to buy a security or interest in a security for value. Obtaining a loan secured by a pledge of stock unmistakably involves a "disposition of..interest in a security. Although pledges transfer less than the absolute title, the interest thus transferred is and "interest" in a security. It is not essential under the terms of the act that full title passes to a transferee for the transaction to be an "offer" or a "sale"
