408.301 Delivery.
188 words·~1 min read·
/wi/chapter-408/408-301-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
408.301 Delivery.
(1)Delivery of a certificated security to a purchaser occurs when:
(a)The purchaser acquires possession of the security certificate;
(b)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
(c)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:
1. Registered in the name of the purchaser;
2. Payable to the order of the purchaser; or
3. Specially endorsed to the purchaser by an effective endorsement and has not been endorsed to the securities intermediary or in blank.
(2)Delivery of an uncertificated security to a purchaser occurs when:
(a)The issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or
(b)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.