Ch. 92                                     1996 LAWS OF MARYLAND

APPROPRIATE PERSON                                                      § 8-107

CONTROL                                                                           § 8-106

DELIVERY                                                                          § 8-301

INVESTMENT COMPANY SECURITY                                   § 8-103

ISSUER                                                                              § 8-201

OVERISSUE                                                                         § 8-210

PROTECTED PURCHASER                                                   § 8-303

SECURITIES ACCOUNT                                                       § 8-501

(C) IN ADDITION, TITLE 1 CONTAINS GENERAL DEFINITIONS AND PRINCIPLES
OF CONSTRUCTION AND INTERPRETATION APPLICABLE THROUGHOUT THIS TITLE

(D) THE CHARACTERIZATION OF A PERSON, BUSINESS, OR TRANSACTION
FOR PURPOSES OF THIS TITLE DOES NOT DETERMINE THE CHARACTERIZATION OF
THE PERSON, BUSINESS, OR TRANSACTION FOR PURPOSES OF ANY OTHER LAW,
REGULATION, OR RULE.

8-103.

(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 TITLE, 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
TITLE AND NOT BY TITLE 3 OF THIS ARTICLE, EVEN THOUGH IT ALSO MEETS THE
REQUIREMENTS OF THAT TITLE HOWEVER, A NEGOTIABLE INSTRUMENT
GOVERNED BY TITLE 3 OF THIS ARTICLE 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 § 9-115 OF THIS ARTICLE, IS
NOT A SECURITY OR A FINANCIAL ASSET.

8-104.

- 1298 -