This section defines “security” broadly and lists several included instruments, while excluding certain insurance-related contracts that meet stated conditions.
Sec. 4001.068. SECURITY. (a) The term "security": (1) includes: (A) a limited partner interest in a limited partnership; (B) a share; (C) a stock; (D) a treasury stock; (E) a stock certificate under a voting trust agreement; (F) a collateral trust certificate; (G) an equipment trust certificate; (H) a preorganization certificate or receipt; (I) a subscription or reorganization certificate; (J) a note, bond, debenture, mortgage certificate, or other evidence of indebtedness; (K) any form of commercial paper; (L) a certificate in or under a profit sharing or participation agreement; (M) a certificate or instrument representing an interest in or under an oil, gas, or mining lease, fee, or title; (N) a certificate or instrument representing or secured by an interest in any of the capital, property, assets, profits, or earnings of a company; (O) an investment contract; and (P) any other instrument commonly known as a security, regardless of whether the instrument is similar to another instrument listed in this subsection; and (2) applies regardless of whether the security is evidenced by a written instrument. (b) "Security" does not include an insurance policy, endowment policy, annuity contract, or optional annuity contract, or any contract or agreement in relation to and in consequence of any such policy or contract, issued by an insurance company subject to the supervision or control of the Texas Department of Insurance when the form of such policy or contract has been filed with the department as required by law. Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022. SUBCHAPTER C. GENERAL ADMINISTRATIVE PROVISIONS