(a) “Securities account” means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset.
(b) Except as otherwise provided in subsections (d) and (e) of this section, a person acquires a security entitlement if a securities intermediary:
(1) Indicates by book entry that a financial asset has been credited to the person's securities account;
(2) Receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account; or
(3) Becomes obligated under other law, regulation or rule to credit a financial asset to the person's securities account.
(c) If a condition of subsection (b) of this section has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset.
(d) If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order of, or specially endorsed to the other person, and has not been endorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset.
(e) Issuance of a security is not establishment of a security entitlement.
(P.A. 97-182, S. 41.)
Structure Connecticut General Statutes
Title 42a - Uniform Commercial Code
Article 8 - Investment Securities
Section 42a-8-101. - Short title: Uniform Commercial Code–Investment Securities.
Section 42a-8-102. - Definitions.
Section 42a-8-104. - Acquisition of security or financial asset or interest therein.
Section 42a-8-105. - Notice of adverse claim.
Section 42a-8-107. - Whether endorsement, instruction or entitlement order is effective.
Section 42a-8-108. - Warranties in direct holding.
Section 42a-8-109. - Warranties in indirect holding.
Section 42a-8-110. - Applicability; choice of law.
Section 42a-8-111. - Clearing corporation rules.
Section 42a-8-112. - Creditor's legal process.
Section 42a-8-113. - Statute of frauds inapplicable.
Section 42a-8-114. - Evidentiary rules concerning certificated securities.
Section 42a-8-115. - Securities intermediary and others not liable to adverse claimant.
Section 42a-8-116. - Securities intermediary as purchaser.
Section 42a-8-202. - Issuer's responsibility and defenses; notice of defect or defense.
Section 42a-8-203. - Staleness as notice of defect or defense.
Section 42a-8-204. - Effect of issuer's restriction on transfer.
Section 42a-8-205. - Effect of unauthorized signature on security certificate.
Section 42a-8-206. - Completion or alteration of security certificate.
Section 42a-8-207. - Rights and duties of issuer with respect to registered owners.
Section 42a-8-208. - Effect of signature of authenticating trustee, registrar or transfer agent.
Section 42a-8-209. - Issuer's lien.
Section 42a-8-210. - Overissue.
Section 42a-8-301. - Delivery.
Section 42a-8-302. - Rights of purchaser.
Section 42a-8-303. - Protected purchaser.
Section 42a-8-304. - Endorsement.
Section 42a-8-305. - Instruction.
Section 42a-8-306. - Effect of guaranteeing signature, endorsement or instruction.
Section 42a-8-307. - Purchaser's right to requisites for registration of transfer.
Section 42a-8-401. - Duty of issuer to register transfer.
Section 42a-8-402. - Assurance that endorsement or instruction is effective.
Section 42a-8-403. - Demand that issuer not register transfer.
Section 42a-8-404. - Wrongful registration.
Section 42a-8-405. - Replacement of lost, destroyed or wrongfully taken security certificate.
Section 42a-8-407. - Authenticating trustee, transfer agent and registrar.
Section 42a-8-408. - Statement of uncertificated securities.
Section 42a-8-502. - Assertion of adverse claim against entitlement holder.
Section 42a-8-504. - Duty of securities intermediary to maintain financial asset.
Section 42a-8-505. - Duty of securities intermediary with respect to payments and distributions.
Section 42a-8-507. - Duty of securities intermediary to comply with entitlement order.
Section 42a-8-510. - Rights of purchaser of security entitlement from entitlement holder.
Section 42a-8-511. - Priority among security interests and entitlement holders.