Section 355.8-103 - [Effective 1/1/2025] 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)(a) An "investment company security" is a security.(b) "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.(c) Investment company security does not include an insurance policy or endowment policy or annuity contract issued by an insurance company.(3)(a) An interest in a partnership or limited liability company is not a security unless: 1. It is dealt in or traded on securities exchanges or in securities markets;2. Its terms expressly provide that it is a security governed by this article; or3. It is an investment company security.(b) However, an interest in a partnership or limited liability company is a financial asset if it is held in a securities account.(4)(a) A writing that is a security certificate is governed by this article and not by Article 3 of this chapter, even though it also meets the requirements of that article.(b) However, a negotiable instrument governed by Article 3 of this chapter 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 KRS 355.9-102(1), is not a security or a financial asset.(7) A document of title, as defined in KRS 355.1-201(2), is not a financial asset unless KRS 355.8-102(1)(i)1.c. applies.(8) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless subsection (1)(i)1.c. of Section 39 of this Act applies. Amended by 2024 Ky. Acts ch. 10,§ 40, eff. 1/1/2025.Amended by 2012 Ky. Acts ch. 132,§ 59, eff. 7/11/2012. Amended 2000, Ky. Acts ch. 408, sec. 169, effective 7/1/2001. -- Repealed and reenacted 1996, Ky. Acts ch. 130, sec. 116, effective 1/1/1997. --Amended 1986 Ky. Acts ch. 118, sec. 11, effective 7/1/1987. -- Created 1958 Ky. Acts ch. 77, sec. 8-103, effective 7/1/1960.This section is set out more than once due to postponed, multiple, or conflicting amendments.