Current through L. 2024, ch. 259
Section 47-8103 - Rules for determining whether certain obligations and interests as securities or financial assetsA. A share or similar equity interest issued by a corporation, business trust, joint stock company or similar entity is a security.B. An investment company security is a security. "Investment company security" means a share or similar equity interest issued by an entity that is registered as an investment company under the federal investment company laws, an interest in a unit investment trust that is so registered, or a face-amount certificate issued by a face-amount certificate company that is so registered. Investment company security does not include an insurance policy or endowment policy or annuity contract issued by an insurance company.C. An interest in a partnership or limited liability company is not a security unless it is dealt in or traded on securities exchanges or in securities markets, its terms expressly provide that it is a security governed by this chapter, or it is an investment company security. However, an interest in a partnership or limited liability company is a financial asset if it is held in a securities account.D. A writing that is a security certificate is governed by this chapter and not by chapter 3 of this title, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by chapter 3 of this title is a financial asset if it is held in a securities account.E. An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.F. A commodity contract, as defined in section 47-9102, is not a security or a financial asset.G. A document of title is not a financial asset unless section 47-8102, subsection A, paragraph 9, subdivision (c) applies.