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This entry was published on 2014-09-22
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SECTION 8-104
Acquisition of Security or Financial Asset or Interest Therein
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 8, PART 1
Section 8--104. Acquisition of Security or Financial Asset or Interest

Therein.

(a) A person acquires a security or an interest therein, under this
Article, if:

(1) the person is a purchaser to whom a security is delivered

pursuant to Section 8--301; or

(2) the person acquires a security entitlement to the security

pursuant to Section 8--501.

(b) A person acquires a financial asset, other than a security, or an
interest therein, under this Article, if the person acquires a security
entitlement to the financial asset.

(c) A person who acquires a security entitlement to a security or
other financial asset has the rights specified in Part 5, but is a
purchaser of any security, security entitlement, or other financial
asset held by the securities intermediary only to the extent provided in
Section 8--503.

(d) Unless the context shows that a different meaning is intended, a
person who is required by other law, regulation, rule, or agreement to
transfer, deliver, present, surrender, exchange, or otherwise put in the
possession of another person a security or financial asset satisfies
that requirement by causing the other person to acquire an interest in
the security or financial asset pursuant to subsection (a) or (b).