Utah Code Ann. § 70A-8-102 – Rules for determining whether certain obligations and interests are securities or financial assets. | Midpage
§ 70A-8-102
Utah Code Ann. § 70A-8-102
Rules for determining whether certain obligations and interests are securities or financial assets.
Effective May 6, 2026Amended by Chapter 322, 2026 General Session
(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 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.
(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 Section 70A-9a-102, is not a security or a financial asset.
(7) A document of title is not a financial asset unless Subsection 70A-8-101(1)(i)(i)(C) applies.
(8) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless Subsection 70A-8-101(1)(i)(i)(C) applies.