South Dakota § 57A-8-103 - Rules for determining whether certain obligations and interests are securities or financial assets.
Full text of South Dakota South Dakota Codified Laws § 57A-8-103 — Rules for determining whether certain obligations and interests are securities or financial assets., with citation guidance and answers to common questions.
§ 57A-8-103. Rules for determining whether certain obligations and interests are securities or financial assets.
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.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 57A-8-103
What does South Dakota Codified Laws § 57A-8-103 cover?
Section 57A-8-103 ("Rules for determining whether certain obligations and interests are securities or financial assets.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 57A-8-103?
A common citation format is "South Dakota Codified Laws § 57A-8-103" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 57A-8-103 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.