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United States — Louisiana Act or statute

United States — Louisiana legislation

RS 10:8-103

This section says which interests count as securities or financial assets, and lists several specific inclusions and exclusions.

financial assetsinvestment company securitiessecurities
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United States — Louisiana
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“This section says which interests count as securities or financial assets, and lists several specific inclusions and exclusions.”

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RS 10:8-103

This section says which interests count as securities or financial assets, and lists several specific inclusions and exclusions.

Section 10:8-103

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§ 10:8-103RS 10:8-103Provision

This section says which interests count as securities or financial assets, and lists several specific inclusions and exclusions.

§8-103. Rules for determining whether certain obligations and interests are securities or financial assets (a) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security. (b) 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. (c) 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. (d) A writing that is a security certificate is governed by this Chapter and not by Chapter 3 of this Title, even though it also meets the requirements of that Chapter. However, a negotiable instrument governed by Chapter 3 is a financial asset if it is held in a securities account. (e) An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset. (f) A commodity contract, as defined in R.S. 10:9-102(a)(15), is not a security or a financial asset. (g) A document of title is not a financial asset unless R.S. 10:8-102(a)(9)(iii) applies. (h) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless R.S. 10:8-102(a)(9)(iii) applies. Added by Acts 1978, No. 165, §1, eff. Jan. 1, 1979. Acts 1989, No. 135, §6, eff. Jan. 1, 1990; Acts 1995, No. 884, §1, eff. Jan. 1, 1996; Acts 2001, No. 128, §9, eff. July 1, 2001; Acts 2009, No. 207, §4, eff. Jan. 1, 2010; Acts 2024, No. 773, §1.
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