70A-8-103. Acquisition of security or financial asset or interest therein.

216 words·~1 min read·/ut/title-70a/chapter-8/70a-8-103

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

(1)A person acquires a security or an interest therein, under this chapter, if:

(a)the person is a purchaser to whom a security is delivered pursuant to Section 70A-8-301 ; or

(b)the person acquires a security entitlement to the security pursuant to Section 70A-8-501 .

(2)A person acquires a financial asset, other than a security, or an interest therein, under this chapter, if the person acquires a security entitlement to the financial asset.

(3)A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5, 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 70A-8-503 .

(4)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

(1)or

(2).

Repealed and Re-enacted by Chapter 204 , 1996 General Session