554.8116 Securities intermediary as purchaser for value.
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/ia/chapter-554-uniform-commercial-code/554-8116A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
96 Acts, ch 1219, §30, 40