{"data":{"id":"us-dc/d.c.-code-28-8-103","jurisdiction":"us-dc","citation":"D.C. Code § 28:8-103","heading":"Rules for determining whether certain obligations and interests are securities or financial assets.","body":"(a)\nA share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.\n\n(b)\nAn “investment company security” is a security. The term “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\n(c)\nAn 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.\n\n(d)\nA 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.\n\n(e)\nAn option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.\n\n(f)\nA commodity contract, as defined in § 28:9-102(a)(15), is not a security or a financial asset.\n\n(g)\nA document of title is not a financial asset unless § 28:8-102(a)(9)(iii) applies.\n\n(h)\nA controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless § 28:8-102(a)(9)(A)(iii) applies.","path":["Title 28. Commercial Instruments and Transactions. [Enacted title]","Subtitle I. Uniform Commercial Code.","Article 8. Investment Securities.","Part I. Short Title and General Matters."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/28:8-103","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"496a04293496aa66cf69478038a3547094e3b56f3b9cf4aa872645e35aa838f6","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-28-8-102","next":"us-dc/d.c.-code-28-8-104"},"notice":"GroundRules: Original legal text. Not legal advice."}