Securities Intermediary as Purchaser for Value

N.Y. Uniform Commercial Code Law § 8-116, under Short Title and General Matters.

N.Y. Uniform Commercial Code Law § 8-116

Section 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.