(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, 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 ORS chapter 73, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by ORS chapter 73 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 ORS 79A.1020, is not a security or a financial asset. (7) A document of title is not a financial asset unless ORS 78.1020 (1)(i)(A)(iii) applies. (8) A controllable account, controllable electronic record or controllable payment intangible is not a financial asset unless ORS 78.1020 (1)(i)(A)(iii) applies.
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