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Definition of Security
K.S.A. 17-12a102(28) provides the definition of a security.The definition is very broad and includes those things everyone knows as securities, such as notes, stocks, bonds, and options, but also includes much broader concepts through the inclusion of the term “investment contract”.Generally speaking, any interest that is included in the laundry list provided in the definition of security or any interest which does not allow for the active participation of the investor is a security.

Consultation with staff
North American Securities Administrators Association
Securities and Exchange Commission