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

South Carolina § 36-8-104

• Jurisdiction: South Carolina
• Title 36: COMMERCIAL CODE
• Ch. 8: COMMERCIAL CODE—INVESTMENT SECURITIES

Text

(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).

Legislative History

HISTORY: 1962 Code SECTION 10.8-104; 1966 (54) 2716; 1991 Act No. 161, SECTION 1; 2001 Act No. 67, SECTION 5.