Acquisition of Security on Financial Asset or Interest Therein.
(a) A person acquires a security or an interest therein, under this article, if:
(1)the person is a purchaser to whom a security is delivered pursuant to Section 8-301 of this title; or
(2)the person acquires a security entitlement to the security pursuant to Section 8-501 of this title.
(b) A person acquires a financial asset, other than a security, or an interest therein, under this article, if the person acquires a security entitlement to the financial asset.
(c) A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5 of this code, 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 8-503 of this title.
(d) 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 satisfied that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection (a) or (b) of this section.
Added by Laws 1961, p. 151, § 8-104. Amended by Laws 1984, c. 76, § 5, eff. Nov. 1, 1984; Laws 1995, c. 242, § 4, eff. Feb. 1, 1996.
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