New York § 8-116 Securities Intermediary as Purchaser for Value

New York Statutes

§ 8-116 — Securities Intermediary as Purchaser for Value

New York·Law UCC Uniform Commercial Code·Part 1 Short Title and General Matters·Art. 8 Investment Securities

Section 8--116. Securities Intermediary as Purchaser for Value.\n  A securities intermediary that receives a financial asset and\nestablishes a security entitlement to the financial asset in favor of an\nentitlement holder is a purchaser for value of the financial asset. A\nsecurities intermediary that acquires a security entitlement to a\nfinancial asset from another securities intermediary acquires the\nsecurity entitlement for value if the securities intermediary acquiring\nthe security entitlement establishes a security entitlement to the\nfinancial asset in favor of an entitlement holder.\n

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Section 8--116. Securities Intermediary as Purchaser for Value.\n A securities intermediary that receives a financial asset and\nestablishes a security entitlement to the financial asset in favor of an\nentitlement holder is a purchaser for value of the financial asset. A\nsecurities intermediary that acquires a security entitlement to a\nfinancial asset from another securities intermediary acquires the\nsecurity entitlement for value if the securities intermediary acquiring\nthe security entitlement establishes a security entitlement to the\nfinancial asset in favor of an entitlement holder.\n

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