Acquisition of security or financial asset or interest therein

84-8-104. Acquisition of security or 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 K.S.A. 84-8-301; or (2) the person acquires a security entitlement to the security pursuant to K.S.A. 84-8-501. (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 K.S.A. 84-8-501 through 84-8-511, but is a purchaser of any security, security entitlement or other financial asset held by the securities intermediary only to the extent provided in K.S.A. 84-8-503. (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 satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection (a) or (b). History: L. 1996, ch. 202, § 31; July 1. KANSAS COMMENT, 1996 This section is new and separates the rules for acquiring a security or interest in a security (84-8-301), governed by Parts 2, 3 and 4, from acquiring a security entitlement (84-8-501), governed by 84-8-501. Subsections (c) and (d) then state the effect and method of satisfying those rules. Revisor's Note: Former section 84-8-104 was repealed by L. 1996, ch. 202, § 91 and the number reassigned to the current text.