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  • SECTION 8-115
    Securities Intermediary and Others Not Liable to Adverse Claimant
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  • PART 1
    Short Title and General Matters
    • This entry was published on 2014-09-22
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    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.