TITLE XXXIV-A
UNIFORM COMMERCIAL CODE

CHAPTER 382-A
UNIFORM COMMERCIAL CODE

ARTICLE 8
INVESTMENT SECURITIES

Part 1
Short Title and General Matters

Section 382-A:8-116

    382-A: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.

Source. 1998, 326:1, eff. Jan. 1, 1999.