305 N.W.2d at 162. Other courts have indirectly espoused the majority view by finding that Chapter 8 of the UCC applies to transfers of stock in closely-held corporations. See Baker v. Gotz, 387 F.Supp. 1381, 1389-90 (D.Del. 1975) (finding that negotiable instruments were investment securities under Chapter 8 the UCC because they were “of a type commonly dealt in upon securities exchanges or markets,” irrespective of the fact that the notes in question were never publicly traded) aff'd mem., 523 F.2d 1050 (3d Cir.1975); J.M. Prod., Inc. v. Arkansas Capital Corp., 51 Ark.App. 85, 910 S.W.2d 702, 708 (1995) (without specifically addressing the issue, finding that closely-held stock was a security under Chapter 8 of Arkansas’s UCC); Kiely v. St. Germain, 670 P.2d 764, 769 (Colo.1983) (<HOLDING>); Mildfelt v. Lair, 221 Kan. 557, 561 P.2d 805,
holding that the statute of frauds found in chapter 8 of mississippis ucc applies to the sale of shares of stock in a corporation comprised of only twelve shareholders holding that chapter 8 of colorados ucc applied to the sale of shares in a corporation whose entire stock was held by one individual holding that the statute of frauds of chapter 8 of kansass ucc applies to the sale of 50 of banks stock holding in action for breach of contract caused by wrongful foreclosure and sale of shares of stock plaintiff was entitled to recover the fair market value of the stock at the time of its sale holding that closelyheld stock is a security under chapter 8 of californias ucc