§ 6A-8-116. 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.
History of Section.P.L. 2000, ch. 182, § 5; P.L. 2000, ch. 420, § 5.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-8 - Investment Securities
Part 1 - Short Title and General Matters
Section 6A-8-101. - Short title.
Section 6A-8-102. - Definitions.
Section 6A-8-104. - Acquisition of security or financial asset or interest therein.
Section 6A-8-105. - Notice of adverse claim.
Section 6A-8-107. - Whether indorsement, instruction, or entitlement order is effective.
Section 6A-8-108. - Warranties in direct holding.
Section 6A-8-109. - Warranties in indirect holding.
Section 6A-8-110. - Applicability — Choice of law.
Section 6A-8-111. - Clearing corporation rules.
Section 6A-8-112. - Creditor’s legal process.
Section 6A-8-113. - Statute of frauds inapplicable.
Section 6A-8-114. - Evidentiary rules concerning certificated securities.
Section 6A-8-115. - Securities intermediary and others not liable to adverse claimant.
Section 6A-8-116. - Securities intermediary as purchaser for value.