Wisconsin § 408.510 Rights of purchaser of security entitlement from entitlement holder.

Wisconsin Statutes

§ 408.510 — Rights of purchaser of security entitlement from entitlement holder.

Wisconsin § 408.510

Ch. 408Uniform commercial code — investment securities

Subch.subch. V of ch. 408 SUBCHAPTER V

SECURITY ENTITLEMENTS

This text of Wisconsin § 408.510 (Rights of purchaser of security entitlement from entitlement holder.) is published on Counsel Stack Legal Research, covering Wisconsin primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wis. Stat. § 408.510 (2026).

Text

408.510 408.510(1) (1) In a case not covered by the priority rules in ch. 409 or the rules stated in sub.

(3), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest therein, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control. 408.510(2) (2) If an adverse claim could not have been asserted against an entitlement holder under s. 408.502 , the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest therein, from the entitlement holder. 408.510(3) (3) In a case not covere

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408.510
408.510(1) (1) In a case not covered by the priority rules in ch. 409 or the rules stated in sub. (3) , an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest therein, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control.
408.510(2) (2) If an adverse claim could not have been asserted against an entitlement holder under s. 408.502 , the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest therein, from the entitlement holder.
408.510(3) (3) In a case not covered by the priority rules in ch. 409 , a purchaser for value of a security entitlement, or an interest therein, who obtains control has priority over a purchaser of a security entitlement, or an interest therein, who does not obtain control. Except as otherwise provided in sub. (4) , purchasers who have control rank according to priority in time of:
408.510(3)(a) (a) The purchaser’s becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under s. 408.106 (4) (a) ;
408.510(3)(b) (b) The securities intermediary’s agreement to comply with the purchaser’s entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under s. 408.106 (4) (b) ; or
408.510(3)(c) (c) If the purchaser obtained control through another person under s. 408.106 (4) (c) , the time on which priority would be based under this subsection if the other person were the secured party.
408.510(4) (4) A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary.