Section 8--301. Delivery.

(a) Delivery of a certificated security to a purchaser occurs when:

(1) the purchaser acquires possession of the security

certificate;

(2) another person, other than a securities intermediary, either

acquires possession of the security certificate on behalf of

the purchaser or, having previously acquired possession of

the certificate, acknowledges that it holds for the

purchaser; or

(3) a securities intermediary acting on behalf of the purchaser

acquires possession of the security certificate, only if the

certificate is in registered form and is (i) registered in

the name of the purchaser, (ii) payable to the order of the

purchaser, or (iii) specially indorsed to the purchaser by an

effective indorsement and has not been indorsed to the

securities intermediary or in blank.

(b) Delivery of an uncertificated security to a purchaser occurs when:

(1) the issuer registers the purchaser as the registered owner,

upon original issue or registration of transfer; or

(2) another person, other than a securities intermediary, either

becomes the registered owner of the uncertificated security

on behalf of the purchaser or, having previously become the

registered owner, acknowledges that it holds for the

purchaser.