Securities intermediary as purchaser for value

§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. Acts 1995, No. 884, §1, eff. Jan. 1, 1996.