§ 300.501. Claim for cash.
182 words·~1 min read·
/us/cfr/t17/s§ 300.501·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Where a SIPC member ("Debtor") held securities in an account for a customer, the customer has a "claim for cash" with respect to any authorized securities sale:
(1)If the Debtor has sent written confirmation to the customer that the securities in question have been sold for or purchased from the customer's account; or
(2)Whether or not such a written confirmation has been sent, if the securities in question have become the subject of a completed or executory contract for sale for or purchase from the account.
(b)Where the Debtor held cash in an account for a customer, the customer has a "claim for cash", notwithstanding the fact that the customer has ordered securities purchased for the account, unless:
(1)The Debtor has sent written confirmation to the customer that the securities in question have been purchased for or sold to the customer's account; or
(2)Whether or not such a written confirmation has been sent, if the securities in question have become the subject of a completed or executory contract for purchase for or sale to the account.