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Marginalia
Code · California · Commercial Code

§ 8103

326 words·~1 min read·/ca/commercial-code/8103

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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 division, 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 division and not by Division 3 (commencing with Section 3101), even though it also meets the requirements of that division. However, a negotiable instrument governed by Division 3 (commencing with Section 3101) 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 paragraph
(15)of subdivision
(a)of Section 9102, is not a security or a financial asset.
(g)A document of title is not a financial asset unless subparagraph
(C)of paragraph
(9)of subdivision
(a)of Section 8102 applies.
(h)A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless subparagraph
(C)of paragraph
(9)of subdivision
(a)of Section 8102 applies.
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