§12A-8-116. Securities Intermediary as Purchaser for Value.
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Securities Intermediary as Purchaser for Value.
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. Added by Laws 1995, c. 242, § 16, eff. Feb. 1, 1996.