Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(810 ILCS 5/8-103) (from Ch. 26, par. 8-103)
Sec. 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 Section 9-102(a)(15),
is not a
security or a financial asset.
(g) A document of title is not a financial asset unless Section 8-102(a)(9)(iii) applies.
(Source: P.A. 95-895, eff. 1-1-09.)
|
