(a) 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.
(b) 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 Maryland Statutes
Title 8 - Investment Securities
Subtitle 1 - Short Title and General Matters
Section 8-104 - Acquisition of Security or Financial Asset or Interest Therein
Section 8-105 - Notice of Adverse Claim
Section 8-107 - Whether Indorsement, Instruction, or Entitlement Order Is Effective
Section 8-108 - Warranties in Direct Holding
Section 8-109 - Warranties in Indirect Holding
Section 8-110 - Applicability; Choice of Law
Section 8-111 - Clearing Corporation Rules
Section 8-112 - Creditor's Legal Process
Section 8-113 - Statute of Frauds Inapplicable
Section 8-114 - Evidentiary Rules Concerning Certificated Securities
Section 8-115 - Securities Intermediary and Others Not Liable to Adverse Claimant
Section 8-116 - Securities Intermediary as Purchaser for Value