440.8116 Securities intermediary as purchaser for value of financial asset; acquisition of security entitlement for value.
105 words·~1 min read·
/mi/chapter-440/440-8116A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
440.8116 Securities intermediary as purchaser for value of financial asset; acquisition of security entitlement for value.
Sec. 8116.
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.
History: Add. 1998, Act 278 , Imd. Eff. July 27, 1998