{"data":{"id":"us-sc/s.c.-code-ann.-36-8-103","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 36-8-103","heading":"Rules for determining whether certain obligations and interests are securities or financial assets.","body":"(a) A share or similar equity interest issued by a corporation, business 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 chapter, 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 chapter and not by Chapter 3, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by Chapter 3 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 Section 36-9-102(a)(15), is not a security or a financial asset.\n(g) A document of title is not a financial asset unless Section 36-8-102(a)(9)(iii) applies.","path":["Title 36 - COMMERCIAL CODE","CHAPTER 8 Commercial Code—Investment Securities","Part 1 General Provisions"],"source_url":"https://www.scstatehouse.gov/code/t36c008.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T07:08:44Z","sha256":"90304b059cb59633daef3bcf0f3196e4885b745748cd3b8a57d720fbff36c4cf","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-36-8-102","next":"us-sc/s.c.-code-ann.-36-8-104"},"notice":"GroundRules: Original legal text. Not legal advice."}