# Idaho Code § 28-8-103: 28-8-103 RULES FOR DETERMINING WHETHER CERTAIN OBLIGATIONS AND INTERESTS ARE SECURITIES OR FINANCIAL ASSETS

> Idaho · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-103

## Section

- **Citation:** Idaho Code § 28-8-103
- **Heading:** 28-8-103 RULES FOR DETERMINING WHETHER CERTAIN OBLIGATIONS AND INTERESTS ARE SECURITIES OR FINANCIAL ASSETS
- **Jurisdiction:** Idaho
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Idaho Code / Title 28 / Chapter 8 / Section 28-8-103

## Text

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-103. 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 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.

(4) A writing that is a security certificate is governed by this chapter and not by chapter 3, title 28, even though it also meets the requirements of chapter 3, title 28. However, a negotiable instrument governed by chapter 3, title 28, 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 28-9-102(a)(15), is not a security or a financial asset.

(7) A document of title is not a financial asset unless section 28-8-102(1)(i)(iii) applies.

History:

[28-8-103, added 1995, ch. 272, sec. 2, p. 877; am. 2001, ch. 208, sec. 14, p. 811; am. 2004, ch. 42, sec. 20, p. 115.]

## Nearby sections

- [Idaho Code § 28-8-101 28-8-101 SHORT TITLE.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-101.md)
- [Idaho Code § 28-8-102 28-8-102 DEFINITIONS.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-102.md)
- [Idaho Code § 28-8-103 28-8-103 RULES FOR DETERMINING WHETHER CERTAIN OBLIGATIONS AND INTERESTS ARE SECURITIES OR FINANCIAL ASSETS.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-103.md)
- [Idaho Code § 28-8-104 28-8-104 ACQUISITION OF SECURITY OR FINANCIAL ASSET OR INTEREST THEREIN.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-104.md)
- [Idaho Code § 28-8-105 28-8-105 NOTICE OF ADVERSE CLAIM.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-105.md)
- [Idaho Code § 28-8-106 28-8-106 CONTROL.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-106.md)
- [Idaho Code § 28-8-107 28-8-107 WHETHER INDORSEMENT, INSTRUCTION OR ENTITLEMENT ORDER IS EFFECTIVE.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-107.md)
- [Idaho Code § 28-8-108 28-8-108 WARRANTIES IN DIRECT HOLDING.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-108.md)
- [Idaho Code § 28-8-109 28-8-109 WARRANTIES IN INDIRECT HOLDING.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-109.md)
- [Idaho Code § 28-8-110 28-8-110 APPLICABILITY AND CHOICE OF LAW.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-110.md)
- [Idaho Code § 28-8-111 28-8-111 CLEARING CORPORATION RULES.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-111.md)
- [Idaho Code § 28-8-112 28-8-112 CREDITOR'S LEGAL PROCESS.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-112.md)
- [Idaho Code § 28-8-113 28-8-113 STATUTE OF FRAUDS INAPPLICABLE.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-113.md)
- [Idaho Code § 28-8-114 28-8-114 EVIDENTIARY RULES CONCERNING CERTIFICATED SECURITIES.](https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-114.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_ID_T28_C8_S28-8-103. Check the current official text before relying on it. Not legal advice.