Sec. 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.
Added by Acts 1995, 74th Leg., ch. 962, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Title 1 - Uniform Commercial Code
Chapter 8 - Investment Securities
Subchapter A. 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