Ohio Revised Code
Chapter 1308 | Investment Securities
Section 1308.60 | Rights of Purchaser of Security Entitlement From Entitlement Holder - Ucc 8-510.

Effective: July 1, 2001
Latest Legislation: Senate Bill 74 - 124th General Assembly
(A) In a case not covered by the priority rules in Chapter 1309. of the Revised Code or the rules stated in division (C) of this section, an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest in a security entitlement, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control.
(B) If an adverse claim could not have been asserted against an entitlement holder under section 1308.52 of the Revised Code, the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest in a security entitlement, from the entitlement holder.
(C) In a case not covered by the priority rules in Chapter 1309. of the Revised Code, a purchaser for value of a security entitlement, or an interest in a security entitlement, who obtains control has priority over a purchaser of a security entitlement, or an interest in a security entitlement, who does not obtain control. Except as otherwise provided in division (D) of this section, purchasers who have control rank according to priority in time of:
(1) The purchaser's becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under division (D)(1) of section 1308.24 of the Revised Code;
(2) The securities intermediary's agreement to comply with the purchaser's entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under division (D)(2) of section 1308.24 of the Revised Code; or
(3) If the purchaser obtained control through another person under division (D)(3) of section 1308.24 of the Revised Code, the time on which priority would be based under division (C) of this section if the other person were the secured party.
(D) A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary.

Structure Ohio Revised Code

Ohio Revised Code

Title 13 | Commercial Transactions

Chapter 1308 | Investment Securities

Section 1308.01 | Definitions - Ucc 8-102.

Section 1308.02 | Rules for Determining Whether Certain Obligations and Interests Are Securities or Financial Assets - Ucc 8-103.

Section 1308.03 | Overissue Defined - Effect - Ucc 8-210.

Section 1308.04 | Evidentiary Rules Concerning Certificate Securities - Ucc 8-114.

Section 1308.05 | Applicability - Choice of Law - Ucc 8-110.

Section 1308.06 | Clearing Corporation Rules - Ucc 8-111.

Section 1308.07 | Statute of Frauds Inapplicable - Ucc 8-113.

Section 1308.08 | Issuer - Ucc 8-201.

Section 1308.09 | Issuer's Responsibility and Defenses - Notice of Defect or Defense - Ucc 8-202.

Section 1308.10 | Staleness as Notice of Defect or Defense - Ucc 8-203.

Section 1308.11 | Effect of Issuer's Restriction on Transfer - Ucc 8-204 - Issuer's Lien - Ucc 8-209.

Section 1308.12 | Effect of Unauthorized Signature on Security Certificate - Ucc 8-205.

Section 1308.13 | Completion or Alteration of Security Certificate - Ucc 8-206.

Section 1308.14 | Rights and Duties of Issuer With Respect to Registered Owners - Ucc 8-207.

Section 1308.15 | Effect of Signature of Authenticating Trustee, Registrar, or Transfer Agent - Ucc 8-208.

Section 1308.16 | Rights of Purchaser - Ucc 8-302.

Section 1308.17 | Protected Purchaser - Ucc 8-303.

Section 1308.18 | Acquisition of Security or Financial Asset or Interest Therein - Ucc 8-104.

Section 1308.19 | Notice of Adverse Claim - Ucc 8-105.

Section 1308.20 | Warranties in Direct Holding - Ucc 8-108.

Section 1308.21 | Warranties in Indirect Holding - Ucc 8-109.

Section 1308.22 | Indorsement - Ucc 8-304.

Section 1308.23 | Whether Indorsement, Instruction, or Entitlement Order Is Effective - Ucc 8-107.

Section 1308.24 | Control - Ucc 8-106.

Section 1308.25 | Instruction - Ucc 8-305.

Section 1308.26 | Effect of Guaranteeing Signature, Indorsement, or Instruction - Ucc 8-306.

Section 1308.27 | Delivery - Ucc 8-301.

Section 1308.29 | Fulfilling Duty to Transfer.

Section 1308.30 | Wrongful Transfer of Security.

Section 1308.31 | Purchaser's Right to Requisites for Registration of Transfer - Ucc 8-307.

Section 1308.32 | Creditor's Legal Process - Ucc 8-112.

Section 1308.33 | Securities Intermediary and Others Not Liable to Adverse Claimant - Ucc 8-115 - Securities Intermediary as Purchaser for Value - Ucc 8-116.

Section 1308.37 | Duty of Issuer to Register Transfer - Ucc 8-401.

Section 1308.38 | Assurance That Indorsement or Instruction Is Effective - Ucc 8-402.

Section 1308.39 | Demand That Issuer Not Register Transfer - Ucc 8-403.

Section 1308.40 | Wrongful Registration - Ucc 8-404.

Section 1308.41 | Obligation to Notify Issuer of Lost, Destroyed or Wrongfully Taken Security Certificate - Ucc 8-406 - Replacement of Lost, Destroyed, or Wrongfully Taken Security Certificate - Ucc 8-405.

Section 1308.42 | Authenticating Trustee, Transfer Agent, and Registrar - Ucc 8-407.

Section 1308.51 | Securities Account - Acquisition of Security Entitlement From Securities Intermediary - Ucc 8-501.

Section 1308.52 | Assertion of Adverse Claim Against Entitlement Holder - Ucc 8-502.

Section 1308.53 | Property Interest of Entitlement Holder in Financial Asset Held by Securities Intermediary - Ucc 8-503.

Section 1308.54 | Duty of Securities Intermediary to Maintain Financial Asset - Ucc 8-504.

Section 1308.55 | Duty of Securities Intermediary With Respect to Payments and Distributions - Ucc 8-505.

Section 1308.56 | Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder - Ucc 8-506.

Section 1308.57 | Duty of Securities Intermediary to Comply With Entitlement Holder - Ucc 8-507.

Section 1308.58 | Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Form of Security Holding - Ucc 8-508.

Section 1308.59 | Specification of Duties of Securities Intermediary by Other Statute or Regulation Manner of Performance of Duties of Securities Intermediary and Exercise of Rights of Entitlement Holder - Ucc 8-509.

Section 1308.60 | Rights of Purchaser of Security Entitlement From Entitlement Holder - Ucc 8-510.

Section 1308.61 | Priority Among Security Interests and Entitlement Holders - Ucc 8-511.