TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 8

INVESTMENT SECURITIES

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-116.  Securities intermediary as purchaser for value. A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder.

History:

[28-8-116, added 1995, ch. 272, sec. 2, p. 885.]