678.1031 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 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 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.
(4) A writing that is a security certificate is governed by this chapter and not by chapter 673, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by chapter 673 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 s. 679.1021(1)(o), is not a security or a financial asset.
(7) A document of title is not a financial asset unless s. 678.1021(1)(i)2. applies.
History.—s. 1, ch. 98-11; s. 19, ch. 2001-198; s. 57, ch. 2010-131.
Section: Previous 678.1011 678.1021 678.1031 678.1041 678.1051 678.1061 678.1071 678.1081 678.1091 678.1101 678.1111 678.1121 678.1131 678.1141 678.1151 NextLast modified: September 23, 2016