{"data":{"id":"us-wi/wis.-stat.-408.103","jurisdiction":"us-wi","citation":"Wis. Stat. § 408.103","heading":"Rules for determining whether certain obligations and interests are securities or financial assets.","body":"(1) A share or similar equity interest issued by a corporation, business trust, joint stock company or similar entity is a security.\n(2) An “investment company security” is a security. In this chapter, “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(3) 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(4) A writing that is a security certificate is governed by this chapter and not by ch. 403, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by ch. 403 is a financial asset if it is held in a securities account.\n(5) An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.\n(6) A commodity contract, as defined in s. 409.102 (1) (dm), is not a security or a financial asset.\n(7) A document of title, as defined in s. 401.201 (2) (i), is not a financial asset unless s. 408.102 (1) (i) 1. c. applies.","path":["Chs. 401-411, Uniform Commercial Code","Chapter 408 Uniform Commercial Code — Investment Securities","SUBCHAPTER I GENERAL MATTERS"],"source_url":"https://docs.legis.wisconsin.gov/document/statutes/408.103","current_through":"2023-24 Wisconsin Statutes updated through 2025 Wis. Act 247 (published 9-4-26)","vintage":"","retrieved_at":"2026-09-05T12:01:22Z","sha256":"64983171f045ec5a30f0b045d2bd0fa01ee8f22c53d62aa4c5266932522445a8","source_id":"us-wi","stale":false,"prev":"us-wi/wis.-stat.-408.102","next":"us-wi/wis.-stat.-408.104"},"notice":"GroundRules: Original legal text. Not legal advice."}