§ 8104. Acquisition of security or financial asset or interest therein.

254 words·~1 min read·/pa/title-13/chapter-81/8104

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Acquisition of security or interest therein.-- A person acquires a security or an interest therein under this division if:

(1)the person is a purchaser to whom a security is delivered pursuant to section 8301 (relating to delivery); or

(2)the person acquires a security entitlement to the security pursuant to section 8501 (relating to securities account; acquisition of security entitlement from securities intermediary).

(b)Acquisition of financial asset or interest therein.-- A person acquires a financial asset, other than a security, or an interest therein under this division if the person acquires a security entitlement to the financial asset.

(c)Acquisition of security entitlement.-- A person who acquires a security entitlement to a security or other financial asset has the rights specified in Chapter 85 (relating to security entitlements) but is a purchaser of any security, security entitlement or other financial asset held by the securities intermediary only to the extent provided in section 8503 (relating to property interest of entitlement holder in financial asset held by securities intermediary).

(d)Satisfaction of possession requirement.-- Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule or agreement to transfer, deliver, present, surrender, exchange or otherwise put in the possession of another person a security or financial asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection

(a)or (b).

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