New York § 8-103 Rules for Determining Whether Certain Obligations and Interests are Securities or Financial Assets

New York Statutes

§ 8-103 — Rules for Determining Whether Certain Obligations and Interests are Securities or Financial Assets

New York § 8-103

Law UCCUniform Commercial Code

Part 1Short Title and General Matters

Art. 8Investment Securities

This text of New York § 8-103 (Rules for Determining Whether Certain Obligations and Interests are Securities or Financial Assets) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Uniform Commercial Code § 8-103 (2026).

Text

Section 8--103. Rules for Determining Whether Certain Obligations and\n                  Interests are Securities or Financial Assets.\n  (a) A share or similar equity interest issued by a corporation,\nbusiness trust, joint stock company, or similar entity is a security.\n  (b) An "investment company security" is a security. "Investment\ncompany security" means a share or similar equity interest issued by an\nentity that is registered as an investment company under the federal\ninvestment company laws, an interest in a unit investment trust that is\nso registered, or a face-amount certificate issued by a face-amount\ncertificate company that is so registered.  Investment company security\ndoes not include an insurance policy or endowment policy or annuity\ncontract issued by an insurance 

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Section 8--103. Rules for Determining Whether Certain Obligations and\n Interests are Securities or Financial Assets.\n (a) A share or similar equity interest issued by a corporation,\nbusiness trust, joint stock company, or similar entity is a security.\n (b) An "investment company security" is a security. "Investment\ncompany security" means a share or similar equity interest issued by an\nentity that is registered as an investment company under the federal\ninvestment company laws, an interest in a unit investment trust that is\nso registered, or a face-amount certificate issued by a face-amount\ncertificate company that is so registered. Investment company security\ndoes not include an insurance policy or endowment policy or annuity\ncontract issued by an insurance company.\n (c) An interest in a partnership or limited liability company is not a\nsecurity unless it is dealt in or traded on securities exchanges or in\nsecurities markets, its terms expressly provide that it is a security\ngoverned by this Article, or it is an investment company security.\nHowever, an interest in a partnership or limited liability company is a\nfinancial asset if it is held in a securities account.\n (d) A writing that is a security certificate is governed by this\nArticle and not by Article 3, even though it also meets the requirements\nof that Article. However, a negotiable instrument governed by Article 3\nis a financial asset if it is held in a securities account.\n (e) An option or similar obligation issued by a clearing corporation\nto its participants is not a security, but is a financial asset.\n (f) A commodity contract, as defined in Section 9--102(a)(15), is not\na security or a financial asset.\n (g) A document of title is not a financial asset unless Section\n8--102(a)(9)(iii) applies.\n (h) An obligation, share, participation, or interest does not satisfy\nSection 8--102(a)(13)(ii) or 8--102(a)(15)(i) merely because the issuer\nor a person acting on its behalf:\n (1) maintains records of the owner thereof for a purpose other than\nregistration of transfer; or\n (2) could, but does not, maintain books for the purpose of\nregistration of transfer.\n * (i) A controllable account, controllable electronic record, or\ncontrollable payment intangible is not a financial asset unless Section\n8--102(a)(9)(iii) applies.\n * NB Effective June 3, 2026\n