Statutory Definition of a Security

Title 9: Commerce and Trade
Chapter 150: SECURITIES ACT
9 V.S.A. § 5102. Definitions
 
9 V.S.A. § 5102(28)
(28) "Security" means a note; stock; treasury stock; security future; bond; debenture; evidence of indebtedness; certificate of interest or participation in a profit-sharing agreement; collateral trust certificate; preorganization certificate or subscription; transferable share; investment contract; voting trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas, or other mineral rights; put, call, straddle, option, or privilege on a security, certificate of deposit, or group or index of securities, including an interest therein or based on the value thereof; put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or, in general, an interest or instrument commonly known as a "security"; or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. The term:
 
(A) includes both a certificated and an uncertificated security;
 
(B) does not include an insurance or endowment policy or annuity contract under which an insurance company promises to pay a fixed sum of money either in a lump sum or periodically for life or other specified period;
 
(C) does not include an interest in a contributory or noncontributory pension or welfare plan subject to 29 U.S.C. § 1001 et seq.;
 
(D) includes an investment in a common enterprise with the expectation of profits to be derived primarily from the efforts of a person other than the investor and a "common enterprise" means an enterprise in which the fortunes of the investor are interwoven with those of either the person offering the investment, a third party, or other investors; and
 
(E) includes as an "investment contract" among other contracts an interest in a limited partnership, a limited liability company, an investment in a viatical settlement, or similar agreement.