{"data":{"id":"us-va/va.-code-8.8a-103","jurisdiction":"us-va","citation":"Va. Code § 8.8A-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.(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.(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 title, 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.(d) A writing that is a security certificate is governed by this title and not by Title 8.3A, even though it also meets the requirements of that title. However, a negotiable instrument governed by Title 8.3A is a financial asset if it is held in a securities account.(e) An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.(f) A commodity contract, as defined in subdivision (a) (15) of § 8.9A-102, is not a security or a financial asset.(g) A document of title is not a financial asset unless subdivision (a) (9) (iii) of § 8.8A-102 applies.(h) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless subdivision (a)(9)(iii) of § 8.8A-102 applies.1996, c. 216; 2000, c. 1007; 2004, c. 200; 2024, c. 652.","path":["Title 8.8A. Commercial Code — Investment Securities","Part 1. Short Title and General Matters"],"source_url":"https://law.lis.virginia.gov/vacode/8.8A-103/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:13:24Z","sha256":"cfcf77ea9da2105614bebc955ec9900845ecb7f73b00db80334af308ec1f2761","source_id":"us-va","stale":true,"prev":"us-va/va.-code-8.8a-102","next":"us-va/va.-code-8.8a-104"},"notice":"GroundRules: Original legal text. Not legal advice."}