Section 11-8-103 - Rules for determining whether certain obligations and interests are securities or financial assets(a) 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 article, 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 article and not by Article 3 of this title, even though it also meets the requirements of that article. However, a negotiable instrument governed by Article 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 subsection (a) of Code Section 11-9-102, is not a security or a financial asset.(g) A document of title is not a financial asset unless subparagraph (a)(9)(iii) of Code Section 11-8-102 applies.(h) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless subparagraph (a)(9)(iii) of Code Section 11-8-102 applies.Amended by 2024 Ga. Laws 600,§ 5-36, eff. 7/1/2024.Amended by 2010 Ga. Laws 470,§ 2-18, eff. 5/27/2010.Amended by 2001 Ga. Laws 191, § 17, eff. 7/1/2001.