Section 45.08.103. 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. 
   (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 AS 45.03, even though it also meets the requirements of AS 45.03. However, a negotiable instrument governed by AS 45.03 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 AS 45.29.102(a), is not a security or a financial asset.
   (g) A document of title is not a financial asset unless AS 45.08.102(a)(10)(C) applies.
   (h) In this section, "investment company security" means a share or similar equity interest issued by an entity that is registered as an investment company under federal investment company laws, an interest in a unit investment trust that is registered as an investment company under federal investment company laws, or a face-amount certificate issued by a face-amount certificate company that is registered as an investment company under federal investment company laws; "investment company security" does not include an insurance policy or endowment policy or annuity contract issued by an insurance company.

Authorities

45.08.102;45.55.990

Notes

References

AS 45.08.102 Definitions.
AS 45.55.990 Definitions.

History

(Sec. 8.103 ch 114 SLA 1962; am Sec. 6 ch 49 SLA 1990; am Sec. 6 ch 17 SLA 1996; am Sec. 15 ch 113 SLA 2000; am Sec. 80 ch 44 SLA 2009)