{"data":{"id":"us-ca/com-8103","jurisdiction":"us-ca","citation":"COM § 8103","heading":"","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 division, 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 division and not by Division 3 (commencing with Section 3101), even though it also meets the requirements of that division. However, a negotiable instrument governed by Division 3 (commencing with Section 3101) 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 paragraph (15) of subdivision (a) of Section 9102, is not a security or a financial asset.\n(g) A document of title is not a financial asset unless subparagraph (C) of paragraph (9) of subdivision (a) of Section 8102 applies.\n(h) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless subparagraph (C) of paragraph (9) of subdivision (a) of Section 8102 applies.","path":["Commercial Code - COM","DIVISION 8. INVESTMENT SECURITIES [8101. - 8603.]","CHAPTER 1. Short Title and General Matters [8101. - 8116.]"],"source_url":"https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zip","current_through":"2026-09-13","vintage":"","retrieved_at":"2026-09-14T05:56:33Z","sha256":"b52abf339958ba17ff259f5e0c0bb3d81840b5bb094baa62549dacce03910eab","source_id":"us-ca","stale":false,"prev":"us-ca/com-8102","next":"us-ca/com-8104"},"notice":"GroundRules: Original legal text. Not legal advice."}