Instruments evidencing interest in a business organization or a promise of the repayment of indebtedness of a business organization, which instruments of interest include the following categories:
◘Stock (common stock, preferred stock, treasury stock).
◘Debt Instruments (bonds, debentures, notes, certificates of deposit, or other evidence of indebtedness)
◘Future Interests in Securities (stock options, warrant, puts, calls, or other rights to purchase security)
◘Investment Contracts (interest in land, investment schemes)
►The "Howery" Test: U.S. Supreme Court case where the Court held that a "security" exists in any transaction in which a person invests in a common enterprise reasonably expecting profits derived primarily from others' management or entrepreneurial efforts.