400.8-116. Securities intermediary as purchaser for value.

Securities intermediary as purchaser for value.

400.8-116. A securities intermediary that receives a financialasset and establishes a security entitlement to the financial asset infavor of an entitlement holder is a purchaser for value of the financialasset. A securities intermediary that acquires a security entitlement to afinancial asset from another securities intermediary acquires the securityentitlement for value if the securities intermediary acquiring the securityentitlement establishes a security entitlement to the financial asset infavor of an entitlement holder.

(L. 1997 S.B. 6)