{"data":{"id":"us-ia/iowa-code-554.8103","jurisdiction":"us-ia","citation":"Iowa Code § 554.8103","heading":"Rules for determining whether certain obligations and interests are securities or financial assets.","body":"1. A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.\n2. 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.\n3. 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.\n4. 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.\n5. An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.\n6. A commodity contract, as defined in section 554.9102, subsection 1, paragraph “q”, is not a security or a financial asset.\n7. A document of title is not a financial asset unless section 554.8102, subsection 1, paragraph “i”, subparagraph (1), subparagraph division (c) applies.\n8. A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless section 554.8102, subsection 1, paragraph “i”, subparagraph (1), subparagraph division (c), applies.","path":["Title XIII - COMMERCE (Ch. 505 - 554I)","Chapter 554 - UNIFORM COMMERCIAL CODE","Article 8 - INVESTMENT SECURITIES","Part 1 - SHORT TITLE AND GENERAL MATTERS"],"source_url":"https://www.legis.iowa.gov/docs/code/2026/554.8103.pdf","current_through":"Iowa Code 2026 edition","vintage":"","retrieved_at":"2026-09-14T19:40:15Z","sha256":"c94c764211e81eeac75839529c82933d606dc549b9942b6c7f40990c61e0e249","source_id":"us-ia","stale":false,"prev":"us-ia/iowa-code-554.8102","next":"us-ia/iowa-code-554.8104"},"notice":"GroundRules: Original legal text. Not legal advice."}