Vermont § 103 - § 8—103.

§ 103. § 8—103.

• Rules for determining whether certain obligations and interests are securities or
  financial assets (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 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 subdivision 9—102(a)(15), is not a security or
  a financial asset. (g) A document of title is not a financial asset unless subdivision 8—102(a)(9)(iii) of this title applies. (h) A controllable account, controllable electronic record, or controllable payment intangible
  is not a financial asset unless subdivision 8—102(a)(9)(iii) applies. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997; amended 1999, No. 106 (Adj. Sess.), § 17, eff. July 1, 2001; 2015, No. 51, § B.8, eff. June 3, 2015; 2025, No. 17, § 8, eff. July 1, 2025.)