{"data":{"id":"us-md/md.-code-commercial-law-8-103","jurisdiction":"us-md","citation":"Md. Code, Commercial Law § 8–103","heading":"","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 title, 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 title and not by Title 3 of this article, even though it also meets the requirements of that title. However, a negotiable instrument governed by Title 3 of this article 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 § 9-102(a)(15) of this article, is not a security or a financial asset.\n(g) A document of title is not a financial asset unless § 8-102(a)(9)(iii) applies.","path":["Article - Commercial Law"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gcl\u0026section=8-103","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:33Z","sha256":"31764f81f6696d59db2d9f616b8f2a53f73cb6af3f1a9af7fe57e00de002f98e","source_id":"us-md","stale":false,"prev":"us-md/md.-code-commercial-law-8-102","next":"us-md/md.-code-commercial-law-8-104"},"notice":"GroundRules: Original legal text. Not legal advice."}