Michigan Compiled Laws
174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)
Section 440.8116 - Securities Intermediary as Purchaser for Value of Financial Asset; Acquisition of Security Entitlement for Value.

Sec. 8116.
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: Add. 1998, Act 278, Imd. Eff. July 27, 1998

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 440 - Uniform Commercial Code

Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)

Article 8 - Investment Securities (440.8101...440.8601)

174-1962-8-1 - Part 1 Short Title and General Matters (440.8101...440.8116)

Section 440.8101 - Uniform Commercial Code—investment Securities; Cited As.

Section 440.8102 - Definitions.

Section 440.8103 - Share or Equity Interest as Security; "Investment Company Security" Defined; Interest in Partnership or Limited Liability Company as Security or Financial Asset; Writing; Option or Similar Obligation Issued by Clearing Corporation...

Section 440.8104 - Security or Interest in Security; Financial Asset; Security Entitlement; Acquisition; Placing Security or Financial Asset in Possession of Another Person.

Section 440.8105 - Notice of Adverse Claim.