Section 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. s.1, ch. 98-11; s.19, ch. 2001-198; s.57, ch. 2010-131.