{"data":{"id":"us-de/6-del.-c.-8-103","jurisdiction":"us-de","citation":"6 Del. C. § 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, statutory 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 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(d) A 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(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 Section 9-102(a)(15), is not a security or a financial asset.\n(g) A document of title is not a financial asset unless Section 8-102(a)(9)(iii) applies.\n(h) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless Section 8-102(a)(9)(iii) applies.","path":["Title 6. Commerce and Trade","SUBTITLE I","Uniform Commercial Code","ARTICLE 8. Investment Securities","Part 1","Short Title and General Matters"],"source_url":"https://delcode.delaware.gov/title6/c008/sc01/index.html#8-103","current_through":"2026-08-10 (85 Del. Laws, c. 421, 424)","vintage":"","retrieved_at":"2026-09-05T23:02:06Z","sha256":"57f94fc3024da9c48f65101358deadf3240ede4d0579b41394600a06162d0caa","source_id":"us-de","stale":true,"prev":"us-de/6-del.-c.-8-102","next":"us-de/6-del.-c.-8-104"},"notice":"GroundRules: Original legal text. Not legal advice."}