Utah Code » Title 70A, Chapter 8 — Uniform Commercial Code - Investment Securities; part 70A-8-1 — Short Title and General Matters
Utah Code

Utah Code § 70A-8-102 (2026)

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

✓ current as of May 2026
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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, Uniform Commercial Code - Negotiable Instruments, even though it also meets the requirements of that chapter. However, a negotiable instrument governed by Chapter 3, Uniform Commercial Code - Negotiable Instruments, 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 70A-9a-102, is not a security or a financial asset.
A document of title is not a financial asset unless Subsection 70A-8-101(1)(i)(i)(C) applies.
A controllable account, controllable electronic record, or controllable payment intangible is not a financial asset unless Subsection 70A-8-101(1)(i)(i)(C) applies.
Notes of Decisions
Cited in 5 cases, 1984–1996 · leading case: Salt Lake City Corp. v. Cahoon & Maxfield Irrigation Co., 879 P.2d 248 (Utah 1994).
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Salt Lake City Corp. v. Cahoon & Maxfield Irrigation Co., 879 P.2d 248 (Utah 1994). · cites it 24× “8 *253 CONCLUSION Based on the foregoing, we hold that stock in a mutual irrigation corporation represents a real property interest and therefore is not a certificated security under Utah Code Ann. § 70A-8-102 (1990). Accordingly, we reverse and remand for further proceedings…”
Badger v. Brooklyn Canal Co., 922 P.2d 745 (Utah 1996). · cites it 2× “2d 248, 252 (Utah 1994), in which we addressed the issue of whether stock in a mutual water corporation constituted a certificated security for purposes of Utah Code Ann. § 70A-8-102(l)(a), and we held that it did not.”
Cowen & Co. v. Atlas Stock Transfer Co., 695 P.2d 109 (Utah 1984). “, 1953, § 70A-8-102(l)(a). 2 . U.C.A., 1953, § 70A-8-106 states: The validity of a security and the rights and duties of the issuer with respect to registration of transfer are governed by the law (including the conflict of laws rules) of the jurisdiction of the organization of…”
Medesco, Inc. v. LNS Int'l, Inc., 762 F. Supp. 920 (D. Utah 1991). · cites it 2× “Utah Code Ann. § 70A-8-102(l)(a) (1990). The Utah Supreme Court apparently has not considered the question whether the stock of closely held corporations, such as Medesco, are securities within the meaning of the Utah Uniform Commercial Code — Investment Securities, 70A-8-101,…”
Assocs. Fin. Servs. Co. of Utah v. Sevy, 776 P.2d 650 (Utah Ct. App. 1989). “” “Security” is in turn defined in § 70A-8-102(l)(a), which provides: (a) A “security” is an instrument which (i) is issued in bearer or registered form; and (ii) is of a type commonly dealt in upon securities exchanges or markets or commonly recognized in any area in which it…”
— Utah Code § 70A-8-102(l)(a) — 5 cases
Salt Lake City Corp. v. Cahoon & Maxfield Irrigation Co., 879 P.2d 248 (Utah 1994). “8 *253 CONCLUSION Based on the foregoing, we hold that stock in a mutual irrigation corporation represents a real property interest and therefore is not a certificated security under Utah Code Ann. § 70A-8-102 (1990). Accordingly, we reverse and remand for further proceedings…”
Badger v. Brooklyn Canal Co., 922 P.2d 745 (Utah 1996). “2d 248, 252 (Utah 1994), in which we addressed the issue of whether stock in a mutual water corporation constituted a certificated security for purposes of Utah Code Ann. § 70A-8-102(l)(a), and we held that it did not.”
Cowen & Co. v. Atlas Stock Transfer Co., 695 P.2d 109 (Utah 1984). “, 1953, § 70A-8-102(l)(a). 2 . U.C.A., 1953, § 70A-8-106 states: The validity of a security and the rights and duties of the issuer with respect to registration of transfer are governed by the law (including the conflict of laws rules) of the jurisdiction of the organization of…”
Medesco, Inc. v. LNS Int'l, Inc., 762 F. Supp. 920 (D. Utah 1991). “Utah Code Ann. § 70A-8-102(l)(a) (1990). The Utah Supreme Court apparently has not considered the question whether the stock of closely held corporations, such as Medesco, are securities within the meaning of the Utah Uniform Commercial Code — Investment Securities, 70A-8-101,…”
Assocs. Fin. Servs. Co. of Utah v. Sevy, 776 P.2d 650 (Utah Ct. App. 1989). “” “Security” is in turn defined in § 70A-8-102(l)(a), which provides: (a) A “security” is an instrument which (i) is issued in bearer or registered form; and (ii) is of a type commonly dealt in upon securities exchanges or markets or commonly recognized in any area in which it…”
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