Section 28-8-103 - RULES FOR DETERMINING WHETHER CERTAIN OBLIGATIONS AND INTERESTS ARE SECURITIES OR FINANCIAL ASSETS(1) A share or similar equity interest issued by a corporation, business trust, joint stock company or similar entity is a security.(2) 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.(3) 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.(4) A writing that is a security certificate is governed by this chapter and not by chapter 3, title 28, even though it also meets the requirements of chapter 3, title 28. However, a negotiable instrument governed by chapter 3, title 28, is a financial asset if it is held in a securities account.(5) An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.(6) A commodity contract, as defined in section 28-9-102(a)(15), is not a security or a financial asset.(7) A document of title is not a financial asset unless section 28-8-102(1)(i)(iii) applies.[28-8-103, added 1995, ch. 272, sec. 2, p. 877; am. 2001, ch. 208, sec. 14, p. 811; am. 2004, ch. 42, sec. 20, p. 115.]