Section 440.8103 - Share or equity interest as security; "investment company security" defined; interest in partnership or limited liability company as security or financial asset; writing; option or similar obligation issued by clearing corporation as financial asset; commodity contract; financial asset(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 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.(4) A writing that is a security certificate is 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 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 9102(1)(o), is not a security or a financial asset.(7) A document of title is not a financial asset unless section 8102(1)(i)(iii) applies.Amended by 2012, Act 87,s 7-3, eff. 7/1/2013.1962, Act 174, Eff. 1/1/1964 ;--Am. 1987, Act 16, Imd. Eff. 4/24/1987 ;--Am. 1998, Act 278, Imd. Eff. 7/27/1998 ;--Am. 2000, Act 348, Eff. 7/1/2001.