§ 554.8103

554.8103 Rules for determining whether certain obligations and interests are securities or financial assets. 1. A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security. 2. 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 companyunder the federal investment company laws, an interest in a unit investment trust that is soregistered, or a face-amount certificate issued by a face-amount certificate company that is soregistered. Investment company security does not include an insurance policy or endowmentpolicy or annuity contract issued by an insurance company. 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 thatit 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 asecurities account. 4.

rity 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 asecurities account. 4. 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 instrumentgoverned by Article 3 is a financial asset if it is held in a securities account. 5. An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset. 6. A commodity contract, as defined in section 554.9102, subsection 1, paragraph 'o', is not a security or a financial asset. 7. A document of title is not a financial asset unless section 554.8102, subsection 1, paragraph 'i', subparagraph (1), subparagraph division (c) applies. [C50, 54, 58, 62, §493A.15; C66, 71, 73, 75, 77, 79, 81, §554.8103]89 Acts, ch 113, §2; 96 Acts, ch 1138, §11, 84; 2000 Acts, ch 1149, §149, 187; 2007 Acts, ch 30, §45, 46, 64 Referred to in §501A.903, 554.8102 Sat Dec 23 01:58:08 2023 Iowa Code 2024, Section 554.8103 (26, 0)