§12A-8-103.

§12A-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 code, even though it also meets
   the requirements of that article. However, a negotiable instrument
   governed by Article 3 of this code 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 9-115 of this title,
   is not a security or a financial asset.