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.
1996, c. 216.
Structure Code of Virginia
Title 8.8A - Commercial Code - Investment Securities
§ 8.8A-104. Acquisition of security or financial asset or interest therein
§ 8.8A-105. Notice of adverse claim
§ 8.8A-107. Whether endorsement, instruction or entitlement order is effective
§ 8.8A-108. Warranties in direct holding
§ 8.8A-109. Warranties in indirect holding
§ 8.8A-110. Applicability; choice of law
§ 8.8A-111. Clearing corporation rules
§ 8.8A-112. Creditor's legal process
§ 8.8A-113. Statute of frauds inapplicable
§ 8.8A-114. Evidentiary rules concerning certificated securities
§ 8.8A-115. Securities intermediary and others not liable to adverse claimant