Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 8-116
Securities Intermediary as Purchaser for Value
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 8, PART 1
Section 8--116. Securities Intermediary as Purchaser for Value.

A securities intermediary that receives a financial asset and
establishes a security entitlement to the financial asset in favor of an
entitlement holder is a purchaser for value of the financial asset. A
securities intermediary that acquires a security entitlement to a
financial asset from another securities intermediary acquires the
security entitlement for value if the securities intermediary acquiring
the security entitlement establishes a security entitlement to the
financial asset in favor of an entitlement holder.