# Conn. Gen. Stat. § 42a-8-103: Sec. 42a-8-103. Rules for determining whether certain obligations and interests are securities or financial assets

> Connecticut · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-103

## Section

- **Citation:** Conn. Gen. Stat. § 42a-8-103
- **Heading:** Sec. 42a-8-103. Rules for determining whether certain obligations and interests are securities or financial assets
- **Jurisdiction:** Connecticut
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Connecticut Code / Title 42a / Chapter 8 / Section 42a-8-103

## Text

(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, in interest in a unit investment trust that is so registered, or 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 article 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 article and not by article 3, even though it also meets the requirements of that article. However, a negotiable instrument governed by article 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 section 42a-9-102 (a)(15), is not a security or a financial asset.

(g) A document of title is not a financial asset unless subdivision (10)(iii) of subsection (a) of section 42a-8-102 applies.

See Sec. 42a-8-209 for successor provisions to Sec. 42a-8-103, revised to 1997, re issuer's lien.

## Nearby sections

- [Conn. Gen. Stat. § 42a-8-102 Sec. 42a-8-102. Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-102.md)
- [Conn. Gen. Stat. § 42a-8-103 Sec. 42a-8-103. Rules for determining whether certain obligations and interests are securities or financial assets.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-103.md)
- [Conn. Gen. Stat. § 42a-8-104 Sec. 42a-8-104. Acquisition of security or financial asset or interest therein.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-104.md)
- [Conn. Gen. Stat. § 42a-8-105 Sec. 42a-8-105. Notice of adverse claim.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-105.md)
- [Conn. Gen. Stat. § 42a-8-106 Sec. 42a-8-106. Control.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-106.md)
- [Conn. Gen. Stat. § 42a-8-107 Sec. 42a-8-107. Whether endorsement, instruction or entitlement order is effective.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-107.md)
- [Conn. Gen. Stat. § 42a-8-108 Sec. 42a-8-108. Warranties in direct holding.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-108.md)
- [Conn. Gen. Stat. § 42a-8-109 Sec. 42a-8-109. Warranties in indirect holding.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-109.md)
- [Conn. Gen. Stat. § 42a-8-110 Sec. 42a-8-110. Applicability; choice of law.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-110.md)
- [Conn. Gen. Stat. § 42a-8-112 Sec. 42a-8-112. Creditor's legal process.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-112.md)
- [Conn. Gen. Stat. § 42a-8-114 Sec. 42a-8-114. Evidentiary rules concerning certificated securities.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-114.md)
- [Conn. Gen. Stat. § 42a-8-115 Sec. 42a-8-115. Securities intermediary and others not liable to adverse claimant.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-115.md)
- [Conn. Gen. Stat. § 42a-8-201 Sec. 42a-8-201. Issuer.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-201.md)
- [Conn. Gen. Stat. § 42a-8-202 Sec. 42a-8-202. Issuer's responsibility and defenses; notice of defect or defense.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-202.md)

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_CT_T42a_C8_S42a-8-103. Check the current official text before relying on it. Not legal advice.