# S.D. Codified Laws § 57A-8-103: Rules for determining whether certain obligations and interests are securities or financial assets > South Dakota · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-103 ## Section - **Citation:** S.D. Codified Laws § 57A-8-103 - **Heading:** Rules for determining whether certain obligations and interests are securities or financial assets - **Jurisdiction:** South Dakota - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** SD Code / Title 57A / Chapter 8 / Section 57A-8-103 ## Text In this chapter: (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. "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. (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 chapter 57A-3 , even though it also meets the requirements of that chapter. However, a negotiable instrument governed by chapter 57A-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 § 57A-9-102 (a)(15), is not a security or a financial asset; (g) A document of title, as defined in subdivision 57A-1-201 (16), is not a financial asset unless § 57A-8-102 (a)(9)(iii) applies. (h) A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless § 57A-8-102 (a)(9)(iii) applies. Source: SL 1998, ch 284, § 1; SL 2000, ch 231, § 14; SL 2009, ch 254, § 823; SL 2024, ch 198, § 39. ## Nearby sections - [S.D. Codified Laws § 57A-8-101 Short title](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-101.md) - [S.D. Codified Laws § 57A-8-102 Definitions and index of definitions](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-102.md) - [S.D. Codified Laws § 57A-8-103 Rules for determining whether certain obligations and interests are securities or financial assets](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-103.md) - [S.D. Codified Laws § 57A-8-104 Acquisition of security or financial asset or interest therein](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-104.md) - [S.D. Codified Laws § 57A-8-105 Notice of adverse claim](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-105.md) - [S.D. Codified Laws § 57A-8-106 Control](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-106.md) - [S.D. Codified Laws § 57A-8-107 Whether endorsement, instruction, or entitlement order is effective](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-107.md) - [S.D. Codified Laws § 57A-8-108 Warranties in direct holding](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-108.md) - [S.D. Codified Laws § 57A-8-109 Warranties in indirect holding](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-109.md) - [S.D. Codified Laws § 57A-8-110 Applicability--Choice of law](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-110.md) - [S.D. Codified Laws § 57A-8-111 Clearing corporation rules](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-111.md) - [S.D. Codified Laws § 57A-8-112 Creditor's legal process](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-112.md) - [S.D. Codified Laws § 57A-8-113 Statute of frauds inapplicable](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-113.md) - [S.D. Codified Laws § 57A-8-114 Evidentiary rules concerning certificated securities](https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-114.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_SD_T57A_C8_S57A-8-103. Check the current official text before relying on it. Not legal advice.