A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder.
Structure 2021 Tennessee Code
Title 47 - Commercial Instruments and Transactions
Chapter 8 - Investment Securities
Part 1 - Short Title and General Matters
§ 47-8-108. Warranties in Direct Holding
§ 47-8-111. Clearing Corporation Rules
§ 47-8-113. Statute of Frauds Inapplicable
§ 47-8-114. Evidentiary Rules Concerning Certificated Securities
§ 47-8-115. Securities Intermediary and Others Not Liable to Adverse Claimant