11 §8-1301. Delivery
Title 11: UNIFORM COMMERCIAL CODE
Article 8-A: INVESTMENT SECURITIES HEADING: PL 1997, C. 429, PT. B, §2 (NEW)
Part 3: TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES HEADING: PL 1997, C. 429, PT. B, §2 (NEW)
§8-1301. Delivery
(1). Delivery of a certificated security to a purchaser occurs when:
(a). The purchaser acquires possession of the security certificate; [1997, c. 429, Pt. B, §2 (NEW).]
(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 [1997, c. 429, Pt. B, §2 (NEW).]
(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:
(i) Registered in the name of the purchaser;
(ii) Payable to the order of the purchaser; or
(iii) Specially indorsed to the purchaser by an effective indorsement and has not been indorsed to the securities intermediary or in blank. [1999, c. 699, Pt. B, §23 (AMD); 1999, c. 699, Pt. B, §28 (AFF).]
[ 1999, c. 699, Pt. B, §23 (AMD); 1999, c. 699, Pt. B, §28 (AFF) .]
(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 [1997, c. 429, Pt. B, §2 (NEW).]
(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. [1997, c. 429, Pt. B, §2 (NEW).]
[ 1997, c. 429, Pt. B, §2 (NEW) .]
SECTION HISTORY
1997, c. 429, §B2 (NEW). 1999, c. 699, §B23 (AMD). 1999, c. 699, §B28 (AFF).