Wisconsin § 408.103 Rules for determining whether certain obligations and interests are securities or financial assets.

Wisconsin Statutes

§ 408.103 — Rules for determining whether certain obligations and interests are securities or financial assets.

Wisconsin § 408.103

Ch. 408Uniform commercial code — investment securities

Subch.subch. I of ch. 408 SUBCHAPTER I

GENERAL MATTERS

This text of Wisconsin § 408.103 (Rules for determining whether certain obligations and interests are securities or financial assets.) is published on Counsel Stack Legal Research, covering Wisconsin primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wis. Stat. § 408.103 (2026).

Text

103
103(1) (1) A share or similar equity interest issued by a corporation, business trust, joint stock company or similar entity is a security.
103(2) (2) An “investment company security” is a security. In this chapter, “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.
103(3) (3) An interest in a partnership or limited liability company is not a security un

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408.103
408.103(1) (1) A share or similar equity interest issued by a corporation, business trust, joint stock company or similar entity is a security.
408.103(2) (2) An “investment company security” is a security. In this chapter, “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.
408.103(3) (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.
408.103(4) (4) A writing that is a security certificate is governed by this chapter and not by ch. 403 , even though it also meets the requirements of that chapter. However, a negotiable instrument governed by ch. 403 is a financial asset if it is held in a securities account.
408.103(5) (5) An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.
408.103(6) (6) A commodity contract, as defined in s. 409.102 (1) (dm) , is not a security or a financial asset.
408.103(7) (7) A document of title, as defined in s. 401.201 (2) (i) , is not a financial asset unless s. 408.102 (1) (i) 1. c. applies.