South Carolina § 36-8-104 Acquisition of security or financial asset or interest therein.

South Carolina Statutes

§ 36-8-104 — Acquisition of security or financial asset or interest therein.

South Carolina·Title 36 COMMERCIAL CODE·Ch. 8 COMMERCIAL CODE—INVESTMENT SECURITIES

(a)A person acquires a security or an interest therein, under this chapter, if:

(1)the person is a purchaser to whom a security is delivered pursuant to Section 36-8-301; or (2) the person acquires a security entitlement to the security pursuant to Section 36-8-501.

(b)A person acquires a financial asset, other than a security, or an interest therein, under this chapter, if the person acquires a security entitlement to the financial asset.

(c)A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in Section 36-8-503.

(d)Unless the context shows that a different meaning is inte

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(a) A person acquires a security or an interest therein, under this chapter, if: (1) the person is a purchaser to whom a security is delivered pursuant to Section 36-8-301; or (2) the person acquires a security entitlement to the security pursuant to Section 36-8-501. (b) A person acquires a financial asset, other than a security, or an interest therein, under this chapter, if the person acquires a security entitlement to the financial asset. (c) A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in Section 36-8-503. (d) Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule, or agreement to transfer, deliver, present, surrender, exchange, or otherwise put in the possession of another person a security or financial asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection (a) or (b).

South Carolina § 36-8-104 (Acquisition of security or financial asset or interest therein.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.