12A:8-116. Securities Intermediary as Purchaser for Value.
77 words·~1 min read·
/nj/title-12a/chapter-8/12a-8-116A 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.
L.1997,c.252,s.1.