{"data":{"id":"us-me/11-m.r.s.-8-1103","jurisdiction":"us-me","citation":"11 M.R.S. §8-1103","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.\n(2).   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(3).   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.  An interest in a partnership or limited liability company is a financial asset if it is held in a securities account.\n(4).   A writing that is a security certificate is governed by this Article and not by Article 3‑A, even though it also meets the requirements of that Article.  A negotiable instrument governed by Article 3‑A is a financial asset if it is held in a securities account.\n(5).   An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.\n(6).   A commodity contract, as defined in section 9‑1102, subsection (15), is not a security or a financial asset.\n(7).   A document of title is not a financial asset unless section 8‑1102, subsection (1), paragraph (i), subparagraph (iii) applies.\n(8).   A controllable account, controllable electronic record or controllable payment intangible is not a financial asset unless section 8‑1102, subsection (1), paragraph (i), subparagraph (iii) applies.","path":["TITLE 11: UNIFORM COMMERCIAL CODE","PART 1: SHORT TITLE AND GENERAL MATTERS"],"source_url":"https://legislature.maine.gov/statutes/11/title11sec8-1103.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:25Z","sha256":"ec90bb4b84458d89883898b8fca7b8d98dd74b86aaf559dfab71875b422e3a9e","source_id":"us-me","stale":false,"prev":"us-me/11-m.r.s.-8-1102","next":"us-me/11-m.r.s.-8-1104"},"notice":"GroundRules: Original legal text. Not legal advice."}