28-8-116. SECURITIES INTERMEDIARY AS PURCHASER FOR VALUE. 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.
History:
[28-8-116, added 1995, ch. 272, sec. 2, p. 885.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 8 - INVESTMENT SECURITIES
Part 1 - SHORT TITLE AND GENERAL MATTERS
Section 28-8-101 - SHORT TITLE.
Section 28-8-102 - DEFINITIONS.
Section 28-8-104 - ACQUISITION OF SECURITY OR FINANCIAL ASSET OR INTEREST THEREIN.
Section 28-8-105 - NOTICE OF ADVERSE CLAIM.
Section 28-8-107 - WHETHER INDORSEMENT, INSTRUCTION OR ENTITLEMENT ORDER IS EFFECTIVE.
Section 28-8-108 - WARRANTIES IN DIRECT HOLDING.
Section 28-8-109 - WARRANTIES IN INDIRECT HOLDING.
Section 28-8-110 - APPLICABILITY AND CHOICE OF LAW.
Section 28-8-111 - CLEARING CORPORATION RULES.
Section 28-8-112 - CREDITOR’S LEGAL PROCESS.
Section 28-8-113 - STATUTE OF FRAUDS INAPPLICABLE.
Section 28-8-114 - EVIDENTIARY RULES CONCERNING CERTIFICATED SECURITIES.
Section 28-8-115 - SECURITIES INTERMEDIARY AND OTHERS NOT LIABLE TO ADVERSE CLAIMANT.
Section 28-8-116 - SECURITIES INTERMEDIARY AS PURCHASER FOR VALUE.