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” isa security. “Investment company security” means a share or similarequity interestissued byan entity that is registered as an investmentcompany under the federal investment company laws, an interest in a unit investment trust that is so registered, or a face-amount certificateissued 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 partnershiporlimited liabilitycompanyisnot a security unless itis dealt in or traded on securities exchanges or in securities markets, its terms expressly provide that itis 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 ifit 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 itis 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 “q”, 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. 8. A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless section 554.8102, subsection 1, paragraph “i”, subparagraph (1), subparagraph division (c), applies. 30, §45, 46, 64; 2024 Acts, ch 1023, §33
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