{"data":{"id":"us-mi/mich.-comp.-laws-440.8103","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.8103","heading":"Share or equity interest as security; \"investment company security\" defined; interest in partnership or limited liability company as security or financial asset; writing; option or similar obligation issued by clearing corporation as financial asset; commodity contract; financial asset.","body":"Sec. 8103.\n\n(1) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.\n\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\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. However, an interest in a partnership or limited liability company is a financial asset if it is held in a securities account.\n\n(4) 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\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\n(6) A commodity contract, as defined in section 9102(1)(o), is not a security or a financial asset.\n\n(7) A document of title is not a financial asset unless section 8102(1)(i)( iii ) applies.","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-8103","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"85624d28d4cf8494cde8c3f5eb2feb12d7a8c184dff9aaf17e506747fe3dd537","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.8102","next":"us-mi/mich.-comp.-laws-440.8104"},"notice":"GroundRules: Original legal text. Not legal advice."}