§ 4-8-301 — Delivery

(a) Delivery of a certificated security to a purchaser
occurs when:

(1) The purchaser acquires possession of the security certificate;

(2) Another person, other than a securities intermediary, either acquires
possession of the security certificate on behalf of the purchaser or, having
previously acquired possession of the certificate, acknowledges that it holds for the
purchaser; or

(3) A securities intermediary acting on behalf of the purchaser acquires
possession of the security certificate, only if the certificate is in registered form
and is (i) registered in the name of the purchaser, (ii) payable to the order of the
purchaser, or (iii) specially indorsed to the purchaser by an effective indorsement
and has not been indorsed to the securities intermediary or in blank.

(b) Delivery of an uncertificated security to a purchaser occurs when:

(1) The issuer registers the purchaser as the registered owner, upon original
issue or registration of transfer; or

(2) Another person, other than a securities intermediary, either becomes the
registered owner of the uncertificated security on behalf of the purchaser or,
having previously become the registered owner, acknowledges that it holds for the
purchaser.

Legislative History

Source: L. 96: Entire article R&RE, p. 220, � 2, effective July 1. L. 2001: (a)(3) amended, p. 1443, � 33, effective July 1.