Section 8--103. Rules for Determining Whether Certain Obligations and Interests are Securities or Financial Assets

(a) A share or  similar  equity  interest  issued  by  a  corporation,
  business trust, joint stock company, or similar entity is a security.
    (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.
    (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.
    (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.
    (e) An option or similar obligation issued by a  clearing  corporation
  to its participants is not a security, but is a financial asset.
    (f) A  commodity contract, as defined in Section 9--102(a)(15), is not
  a security or a financial asset.