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.
Structure New York Laws
Article 8 - Investment Securities
Part 1 - Short Title and General Matters
8-104 - Acquistion of Security or Financial Assest or Interest Therein.
8-105 - Notice of Adverse Claim.
8-107 - Whether Indorsement, Instruction, or Entitlement Order Is Effective.
8-108 - Warranties in Direct Holding.
8-109 - Warranties in Indirect Holding.
8-110 - Applicability; Choice of Law.
8-111 - Clearing Corporation Rules.
8-112 - Creditor's Legal Process.
8-113 - Statute of Frauds Generally Inapplicable.
8-114 - Evidentiary Rules Concerning Certificated Securitites.
8-115 - Securities Intermediary and Others Not Liable to Adverse Claimant.