West Virginia § 46-8-104 Acquisition of security or financial asset or interest therein

West Virginia Statutes

§ 46-8-104 — Acquisition of security or financial asset or interest therein

West Virginia·Ch. 46 UNIFORM COMMERCIAL CODE·Art. 8 INVESTMENT SECURITIES

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

(1)The person is a purchaser to whom a security is delivered pursuant to section 8-301; or

(2)The person acquires a security entitlement to the security pursuant to section 8-501.

(b)A person acquires a financial asset, other than a security, or an interest therein, under this article, 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 8-503.

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

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

(1) The person is a purchaser to whom a security is delivered pursuant to section 8-301; or

(2) The person acquires a security entitlement to the security pursuant to section 8-501.

(b) A person acquires a financial asset, other than a security, or an interest therein, under this article, 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 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) of this section.

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