Section 12A:8-103 - Rule for determining whether certain obligations and interests are securities or financial assetsa. 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 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.d. A writing that is a security certificate is governed by this chapter and not by chapter 3, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by chapter 3 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 12A:9-102(a)(15), is not a security or a financial asset.g. A document of title is not a financial asset unless 12A:8-102(a)(9)(c) applies.Amended by L., c. 65,s. 47, eff. 7/1/2013. L. 1997, c. 252, s. 1; amended c. 117, s. 17, eff. June 26, 2001, op. July 1, 2001; amended c. 386, s. 133, eff. Jan. 8, 2002. P.L. 2001, c. 386, s. 127 provides: "This act, P.L. 2001, c. 386, amends and supplements P.L. 2001, c. 117 and shall take effect immediately and shall be applied retroactively to July 1, 2001."