§8-1116. 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. [PL 1997, c. 429, Pt. B, §2 (NEW).]
SECTION HISTORY
PL 1997, c. 429, §B2 (NEW).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 8-A: INVESTMENT SECURITIES
Part 1: SHORT TITLE AND GENERAL MATTERS
11 §8-1104. Acquisition of security or financial asset or interest in a security or financial asset
11 §8-1105. Notice of adverse claim
11 §8-1107. Whether indorsement, instruction or entitlement order is effective
11 §8-1108. Warranties in direct holding
11 §8-1109. Warranties in indirect holding
11 §8-1110. Applicability; choice of law
11 §8-1111. Clearing corporation rules
11 §8-1112. Creditor's legal process
11 §8-1113. Statute of frauds inapplicable
11 §8-1114. Evidentiary rules concerning certificated securities
11 §8-1115. Securities intermediary and others not liable to adverse claimant