§ 25-8-301. Delivery.

Part 3.

Transferof Certificated and Uncertificated Securities.

§ 25‑8‑301. Delivery.

(a)        Delivery of acertificated security to a purchaser occurs when:

(1)        The purchaseracquires possession of the security certificate;

(2)        Another person,other than a securities intermediary, either acquires possession of thesecurity certificate on behalf of the purchaser or, having previously acquiredpossession of the certificate, acknowledges that it holds for the purchaser; or

(3)        A securitiesintermediary acting on behalf of the purchaser acquires possession of thesecurity 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 thepurchaser, or (iii) specially indorsed to the purchaser by an effectiveindorsement and has not been indorsed to the securities intermediary or inblank.

(b)        Delivery of anuncertificated security to a purchaser occurs when:

(1)        The issuer registersthe purchaser as the registered owner, upon original issue or registration oftransfer; or

(2)        Another person,other than a securities intermediary, either becomes the registered owner ofthe uncertificated security on behalf of the purchaser or, having previouslybecome the registered owner, acknowledges that it holds for the purchaser. (1899,c. 733, ss. 52, 57 to 59; Rev., ss. 2201, 2206 to 2208; C.S., ss. 3033, 3038 to3040; 1941, c. 353, ss. 6, 7; G.S., ss. 55‑86, 55‑87; 1955, c.1371, s. 2; 1965, c. 700, s. 1; 1989, c. 588, s. 1; 1997‑181, s. 1; 2000‑169,s. 24.)