Section 490:8-103 - 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 shall be deemed a security.(b) An "investment company security" shall be deemed 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 shall not be deemed 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 shall be deemed a financial asset if it is held in a securities account.(d) A writing that is a security certificate shall be governed by this article and not by article 3, even though it also meets the requirements of that article. However, a negotiable instrument governed by article 3 shall be deemed 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 shall not be deemed a security, but shall be deemed a financial asset.(f) A commodity contract, as defined in section 490:9-102(a), shall not be deemed a security or a financial asset.(g) A controllable account, controllable electronic record, or controllable payment intangible shall not be deemed a financial asset unless the controllable account, controllable electronic record, or controllable payment intangible is a property that is held by a securities intermediary for another person in a securities account and the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this article.Amended by L 2023, c 132,§ 31, eff. 6/29/2023.L 1997, c 33, pt of §2; am L 2000, c 241, §22