§ 62a-8-103

RCW 62A.8-103Rules 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 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.(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 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.(4) A writing that is a

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.(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 instrument governed 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 RCW 62A.9A-102, is not a security or a financial asset.(7) A document of title is not a financial asset unless RCW 62A.8-102(1)(i)(iii) applies.(8) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless RCW 62A.8-102(1)(i)(iii) applies.[ 2023 c 266 s 802; 2012 c 214 s 1403; (2012 c 214 s 1402 expired July 1, 2013); 2011 c 74 s 706; 2000 c 250 s 9A-815; 1995 c 48 s 3; 1986 c 35 s 2; 1965 ex.s. c 157 s 8-103. Cf. former RCW 23.80.150; 1939 c 100 s 15; RRS s 3803-115; formerly RCW

214 s 1402 expired July 1, 2013); 2011 c 74 s 706; 2000 c 250 s 9A-815; 1995 c 48 s 3; 1986 c 35 s 2; 1965 ex.s. c 157 s 8-103. Cf. former RCW 23.80.150; 1939 c 100 s 15; RRS s 3803-115; formerly RCW 23.20.140.]NOTES:Construction—Effective date—2023 c 266: See notes following RCW 62A.12-101.Effective date—2012 c 214 ss 902, 1403, 1502, 1508, 1511, 1514, 1516, and 1518: See note following RCW 62A.2A-103.Expiration date—2012 c 214 ss 901, 1402, 1501, 1507, 1510, 1513, 1515, and 1517: See note following RCW 62A.2A-103.Application—Savings—2012 c 214: See notes following RCW 62A.1-101.Application—Effective date—2011 c 74: See notes following RCW 62A.9A-102.Effective date—2000 c 250: See RCW 62A.9A-701.Effective date—1995 c 48: See RCW 62A.11-113.