Rules for determining whether certain obligations and interests are securities or financial assets
(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, 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 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.
(4) A writing that is a security certificate is governed by this chapter and not by ORS chapter 73, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by ORS chapter 73 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 ORS 79.0102 (UCC 9-102. Definitions and index of definitions), is not a security or a financial asset.
(7) A document of title is not a financial asset unless ORS 78.1020 (Definitions and index of definitions) (1)(i)(A)(iii) applies. [1961 c.726 §78.1030 (Rules for determining whether certain obligations and interests are securities or financial assets); 1985 c.676 §78.1030 (Rules for determining whether certain obligations and interests are securities or financial assets); 1995 c.328 §3; 2001 c.445 §151; 2009 c.181 §90]
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