§ 8-104. Acquisition of security or financial asset or interest therein.

189 words·~1 min read·/de/title-6/chapter-8/8-104

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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).