Corpus

Rules for determining whether certain obligations and interests are securities or financial assets.

Miss. Code Ann. § 75-8-103
in effect
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A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security. 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. 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. A writing that is a security certificate is governed by this chapter and not by Chapter 3, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by Chapter 3 is a financial asset if it is held in a securities account. An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset. A commodity contract, as defined in Section 75-9-102(a)(15), is not a security or a financial asset. A document of title is not a financial asset unless Section 75-8-102(a)(9)(iii) applies.