Section 400.8-104

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 28 Aug 1997   

  400.8-104.  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 section 400.8-301; or

  (2)  The person acquires a security entitlement to the security pursuant to section 400.8-501.

  (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 sections 400.8-501 to 400.8-510, 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 400.8-503.

  (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).

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(L. 1963 p. 503 § 8-104, A.L. 1992 S.B. 448, A.L. 1997 S.B. 6)