§8-1116. Securities intermediary as purchaser for value
84 words·~1 min read·
/me/title-11-uniform-commercial-code/8-1116A 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. [PL 1997, c. 429, Pt. B, §2 (NEW).]