Definition of "Security"
The term "security" is broadly defined. It includes all of the readily recognizable investment vehicles, such as stocks, bonds, limited partnership interests, and notes, as well as novel and unusual investment arrangements that are referred to as "investment contract" securities. In general, any transaction that involves an investment of money in a common enterprise, with an expectation of profits to be earned through the essential managerial efforts of someone other than the investor, is a transaction involving a security.
In Wisconsin, "security" is legally defined in § 551.102(28), Wis. Stats.