# 11 M.R.S. § 8-1103: 11 §8-1103. Rules for determining whether certain obligations and interests are securities or financial assets

> Maine · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1103

## Section

- **Citation:** 11 M.R.S. § 8-1103
- **Heading:** 11 §8-1103. Rules for determining whether certain obligations and interests are securities or financial assets
- **Jurisdiction:** Maine
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** ME Code / Title 11 / Chapter 8-A / Section 8-1103

## Text

(1). A share or similar equity interest issued by a corporation, business trust, joint stock company or similar entity is a security. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(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. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(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 Article or it is an investment company security. An interest in a partnership or limited liability company is a financial asset if it is held in a securities account. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). A writing that is a security certificate is governed by this Article and not by Article 3‑A , even though it also meets the requirements of that Article. A negotiable instrument governed by Article 3‑A is a financial asset if it is held in a securities account. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(5). An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset. [PL 1997, c. 429, Pt. B, §2 (NEW).]

(6). A commodity contract, as defined in section 9‑1102, subsection (15) , is not a security or a financial asset. [PL 1999, c. 699, Pt. B, §20 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]

(7). A document of title is not a financial asset unless section 8‑1102, subsection (1), paragraph (i) , subparagraph (iii) applies. [PL 2009, c. 324, Pt. B, §26 (NEW); PL 2009, c. 324, Pt. B, §48 (AFF).]

(8). A controllable account, controllable electronic record or controllable payment intangible is not a financial asset unless section 8‑1102, subsection (1), paragraph (i) , subparagraph (iii) applies. [PL 2023, c. 669, Pt. A, §59 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]

## Nearby sections

- [11 M.R.S. § 8-1101 11 §8-1101. Short title](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1101.md)
- [11 M.R.S. § 8-1102 11 §8-1102. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1102.md)
- [11 M.R.S. § 8-1103 11 §8-1103. Rules for determining whether certain obligations and interests are securities or financial assets](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1103.md)
- [11 M.R.S. § 8-1104 11 §8-1104. Acquisition of security or financial asset or interest in a security or financial asset](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1104.md)
- [11 M.R.S. § 8-1105 11 §8-1105. Notice of adverse claim](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1105.md)
- [11 M.R.S. § 8-1106 11 §8-1106. Control](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1106.md)
- [11 M.R.S. § 8-1107 11 §8-1107. Whether indorsement, instruction or entitlement order is effective](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1107.md)
- [11 M.R.S. § 8-1108 11 §8-1108. Warranties in direct holding](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1108.md)
- [11 M.R.S. § 8-1109 11 §8-1109. Warranties in indirect holding](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1109.md)
- [11 M.R.S. § 8-1110 11 §8-1110. Applicability; choice of law](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1110.md)
- [11 M.R.S. § 8-1111 11 §8-1111. Clearing corporation rules](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1111.md)
- [11 M.R.S. § 8-1112 11 §8-1112. Creditor's legal process](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1112.md)
- [11 M.R.S. § 8-1113 11 §8-1113. Statute of frauds inapplicable](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1113.md)
- [11 M.R.S. § 8-1114 11 §8-1114. Evidentiary rules concerning certificated securities](https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1114.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_ME_T11_C8-A_S8-1103. Check the current official text before relying on it. Not legal advice.