{"data":{"id":"us-sd/sdcl-57a-8-103","jurisdiction":"us-sd","citation":"SDCL § 57A-8-103","heading":"Rules for determining whether certain obligations and interests are securities or financial assets.","body":"In this chapter:\n(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 57A-3, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by chapter 57A-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 § 57A-9-102(a)(15), is not a security or a financial asset;\n(g) A document of title, as defined in subdivision 57A-1-201(16), is not a financial asset unless § 57A-8-102(a)(9)(iii) applies.\n(h) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless § 57A-8-102(a)(9)(iii) applies.\nSource: SL 1998, ch 284, § 1; SL 2000, ch 231, § 14; SL 2009, ch 254, § 823; SL 2024, ch 198, § 39.","path":["TITLE 57A. UNIFORM COMMERCIAL CODE","CHAPTER 57A-8. INVESTMENT SECURITIES"],"source_url":"https://sdlegislature.gov/Statutes/57A-8-103","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"515ad8381f183270d629e8ab05e4feb997085dd40491ea2350cb704202ceeaa5","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-57a-8-102","next":"us-sd/sdcl-57a-8-104"},"notice":"GroundRules: Original legal text. Not legal advice."}