{"data":{"id":"us-nc/n.c.-gen.-stat.-25-8-103","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 25-8-103","heading":"Rules for determining whether certain obligations and interests are securities or financial assets.","body":"(a)\tA share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security.\n(b)\tAn \"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)\tAn 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)\tA writing that is a security certificate is governed by this Article and not by Article 3 of this Chapter, even though it also meets the requirements of that Article. However, a negotiable instrument governed by Article 3 of this Chapter is a financial asset if it is held in a securities account.\n(e)\tAn option or similar obligation issued by a clearing corporation to its participants is not a security but is a financial asset.\n(f)\tA commodity contract, as defined in G.S. 25-9-102, is not a security or financial asset.\n(g)\tA document of title is not a financial asset unless G.S. 25-8-102(a)(9)c. applies.\n(h)\tA controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless G.S. 25-8-102(a)(9)c. applies. (1941, c. 353, s. 15; G.S., s. 55-95; 1955, c. 1371, s. 2; 1965, c. 700, s. 1; 1989, c. 588, s. 1; 1997-181, s. 1; 1998-217, s. 5; 2000-169, s. 21; 2006-112, s. 43; 2025-25, s. 147.)","path":["Chapter 25. Uniform Commercial Code.","Article 8. Investment Securities.","Part 1. Short Title and General Matters."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_25/GS_25-8-103.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T17:58:47Z","sha256":"52fac31b7320686e7129acefdc296b34ce26dd5c68fae6ada7dd264fa60f70f7","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-25-8-102","next":"us-nc/n.c.-gen.-stat.-25-8-104"},"notice":"GroundRules: Original legal text. Not legal advice."}