{"data":{"id":"us-ny/n.y.-uniform-commercial-code-law-8-103","jurisdiction":"us-ny","citation":"N.Y. Uniform Commercial Code Law § 8-103","heading":"Rules for Determining Whether Certain Obligations and Interests are Securities or Financial Assets","body":"Section 8--103. Rules for Determining Whether Certain Obligations and\n                  Interests are Securities or Financial Assets.\n  (a) A share or similar equity interest issued by a corporation,\nbusiness trust, joint stock company, or similar entity is a security.\n  (b) An \"investment company security\" is a security. \"Investment\ncompany security\" means a share or similar equity interest issued by an\nentity that is registered as an investment company under the federal\ninvestment company laws, an interest in a unit investment trust that is\nso registered, or a face-amount certificate issued by a face-amount\ncertificate company that is so registered.  Investment company security\ndoes not include an insurance policy or endowment policy or annuity\ncontract issued by an insurance company.\n  (c) An interest in a partnership or limited liability company is not a\nsecurity unless it is dealt in or traded on securities exchanges or in\nsecurities markets, its terms expressly provide that it is a security\ngoverned by this Article, or it is an investment company security.\nHowever, an interest in a partnership or limited liability company is a\nfinancial asset if it is held in a securities account.\n  (d) A writing that is a security certificate is governed by this\nArticle and not by Article 3, even though it also meets the requirements\nof that Article. However, a negotiable instrument governed by Article 3\nis a financial asset if it is held in a securities account.\n  (e) An option or similar obligation issued by a clearing corporation\nto its participants is not a security, but is a financial asset.\n  (f) A commodity contract, as defined in Section 9--102(a)(15), is not\na security or a financial asset.\n  (g) A document of title is not a financial asset unless Section\n8--102(a)(9)(iii) applies.\n  (h) An obligation, share, participation, or interest does not satisfy\nSection 8--102(a)(13)(ii) or 8--102(a)(15)(i) merely because the issuer\nor a person acting on its behalf:\n  (1) maintains records of the owner thereof for a purpose other than\nregistration of transfer; or\n  (2) could, but does not, maintain books for the purpose of\nregistration of transfer.\n  (i) A controllable account, controllable electronic record, or\ncontrollable payment intangible is not a financial asset unless Section\n8--102(a)(9)(iii) applies.","path":["Uniform Commercial Code Law","Article 8. Investment Securities","Part 1. Short Title and General Matters"],"source_url":"https://legislation.nysenate.gov/api/3/laws/UCC/8-103","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:45Z","sha256":"9d42679ee55e328021c3c461d651f45917540ecaef99259f7a5838c1021cf3d8","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-uniform-commercial-code-law-8-102","next":"us-ny/n.y.-uniform-commercial-code-law-8-104"},"notice":"GroundRules: Original legal text. Not legal advice."}