30-8-331. Delivery.
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/mt/title-30/chapter-8/part-3/30-8-331·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
30-8-331 . Delivery.
(1)Delivery of a certificated security to a purchaser occurs when:
(a)the purchaser acquires possession of the security certificate;
(b)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
(c)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.
(2)Delivery of an uncertificated security to a purchaser occurs when:
(a)the issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or
(b)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.