RCW 62A.8-103
Rules for determining whether certain
obligations and interests are securities or financial assets.
(Effective until July 1, 2013.)
(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 Article,
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 Article and not by Article 3, even though it also meets the
requirements of that Article. However, a negotiable instrument
governed by Article 3 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 RCW62A.9A-102
(a)(15), is not a security or a financial asset.
[2000 c 250 § 9A-815; 1995 c 48 § 3; 1986 c 35 § 2; 1965 ex.s. c 157 § 8-103. Cf. former RCW 23.80.150; 1939 c 100 § 15; RRS § 3803-115; formerly RCW 23.20.140.]
NOTES:
Effective date -- 2000 c 250: See RCW 62A.9A-701.
Effective date -- 1995 c 48: See RCW 62A.11-113.
RCW 62A.8-103
Rules for determining whether certain
obligations and interests are securities or financial assets.
(Effective July 1, 2013.)
(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 Article,
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 Article and not by Article 3, even though it also meets the
requirements of that Article. However, a negotiable instrument
governed by Article 3 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 RCW 62A.9A-102, is
not a security or a financial asset.
[2011 c 74 § 706; 2000 c 250 § 9A-815; 1995 c 48 § 3; 1986 c 35 § 2; 1965 ex.s. c 157 § 8-103. Cf. former RCW 23.80.150; 1939 c 100 § 15; RRS § 3803-115; formerly RCW 23.20.140.]
NOTES:
Application -- Correction of references -- Effective date -- 2011 c 74: See notes following RCW 62A.9A-102.
Effective date -- 2000 c 250: See RCW 62A.9A-701.
Effective date -- 1995 c 48: See RCW 62A.11-113.