(8-301) Delivery

1. Delivery of a certificated security to a purchaser occurs when: a. The purchaser acquires possession of the security certificate; b. Another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser; or c. A securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and is: (1) Registered in the name of the purchaser; (2) Payable to the order of the purchaser; or (3) Specially indorsed to the purchaser by an effective indorsement and has not been indorsed to the securities intermediary or in blank. 2. Delivery of an uncertificated security to a purchaser occurs when: a. The issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or b. Another person, other than a securities intermediary, either becomes the registered owner of the uncertificated security on behalf of the purchaser or, having previously become the registered owner, acknowledges that it holds for the purchaser.