§12A-8-301. Delivery.
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Delivery.
(a)Delivery of a certificated security to a purchaser occurs when:
(1)the purchaser acquires possession of the security
certificate;
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
(3)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 endorsement and has not been indorsed to the
securities intermediary or in blank.
(b)Delivery of an uncertificated security to a purchaser occurs when:
(1)the issuer registers the purchaser as the registered
owner, upon original issue or registration of
transfer; or
(2)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. Added by Laws 1961, p. 155, § 8-301. Amended by Laws 1984, c. 76, § 18, eff. Nov. 1, 1984; Laws 1995, c. 242, § 27, eff. Feb. 1, 1996; Laws 2000, c. 371, § 163, eff. July 1, 2001.