{"data":{"id":"us-vt/9a-v.s.a.-8-103","jurisdiction":"us-vt","citation":"9A V.S.A. § 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 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) A writing that is a security certificate is governed by this article and not by Article 3, even though it also meets the requirements of that Article. However, a negotiable instrument governed by Article 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 subdivision 9—102(a)(15), is not a security or a financial asset.\n(g) A document of title is not a financial asset unless subdivision 8—102(a)(9)(iii) of this title applies.\n(h) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless subdivision 8—102(a)(9)(iii) applies.","path":["Title 9A: Uniform Commercial Code","Article 008: Investment Securities"],"source_url":"https://legislature.vermont.gov/statutes/fullchapter/09A/008","current_through":"2025 session","vintage":"","retrieved_at":"2026-09-05T14:56:51Z","sha256":"e68fd9646f06947722c8c4cff73900114c1c7f3d7ea76c1bf7ff863929bcc70a","source_id":"us-vt","stale":false,"prev":"us-vt/9a-v.s.a.-8-102","next":"us-vt/9a-v.s.a.-8-104"},"notice":"GroundRules: Original legal text. Not legal advice."}