{"data":{"id":"us-ar/ark.-code-ann.-4-8-103","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 4-8-103","heading":"Rules for determining whether certain obligations and interests are securities or financial assets.","body":"(a) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.\n(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.\n(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.\n(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.\n(e) An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.\n(f) A commodity contract, as defined in § 4-9-102(a)(15), is not a security or a financial asset.\n(g) A document of title is not a financial asset unless § 4-8-102(a)(9)(iii) applies.","path":["Title 4 Business and Commercial Law","Subtitle 1. Uniform Commercial Code","Chapter 8 Investment Securities","Part 1 — Short Title and General Matters"],"source_url":"https://archive.org/download/gov.ar.code/release78.2020.11.06/gov.ar.code.title.04.odt","current_through":"2020-11-06","vintage":"Arkansas Code Release 78 (2020-11), retrieved 2026-09-17","retrieved_at":"2026-09-17T21:07:03Z","sha256":"0666c37db3bc029a1ab81f939ec89cb4de6b7b447e5da901c6bcee7eb4924b56","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-4-8-102","next":"us-ar/ark.-code-ann.-4-8-104"},"notice":"GroundRules: Original legal text. Not legal advice."}