Wyoming § 34.1-3-903 Transfer or pledge within a central depository
system

Wyoming Statutes

§ 34.1-3-903 — Transfer or pledge within a central depository system

Wyoming·Title 34.1 Uniform Commercial Code·Art. 3 NEGOTIABLE INSTRUMENTS

(a)In addition to other methods, a transfer, pledge or release of a deposited instrument or any interest therein may be effected by the making of appropriate entries on the books of the registered clearing corporation having control of the deposited instrument reducing the account of the transferor, pledgor or pledgee and increasing the account of the transferee, pledgee or pledgor by the amount of the obligation or the instrument transferred, pledged or released in accordance with the rules, regulations, operating procedures and the like adopted or promulgated by the registered clearing corporation from time to time.

(b)Under this section entries may be with respect to like instruments or interests therein as part of a fungible bulk and may refer merely to a quantity of a particular ins

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(a) In addition to other methods, a transfer, pledge or
release of a deposited instrument or any interest therein may be
effected by the making of appropriate entries on the books of
the registered clearing corporation having control of the
deposited instrument reducing the account of the transferor,
pledgor or pledgee and increasing the account of the transferee,
pledgee or pledgor by the amount of the obligation or the
instrument transferred, pledged or released in accordance with
the rules, regulations, operating procedures and the like
adopted or promulgated by the registered clearing corporation
from time to time.
(b) Under this section entries may be with respect to like
instruments or interests therein as part of a fungible bulk and
may refer merely to a quantity of a particular instrument
without reference to the name of the payee, number or the like
and, in appropriate cases, may be on a net basis taking into
account other transfers, pledges or releases of the same
instrument.
(c) Except to the extent varied by section 34.1-3-905, or
the rules, regulations, operating procedures and the like
adopted or promulgated by a registered clearing corporation from
time to time, or the contractual relations with such clearing
corporation, a transfer, pledge or release under this section
has the effect of a delivery of an instrument in bearer form or
duly indorsed in blank representing the amount of the obligation
or instrument being transferred, pledged or released. If a
pledge or the creation of a security interest is intended, the
making of entries has the effect of a taking of possession of
the instrument by the pledgee or a secured party.
(d) That entries made on the books of the registered
clearing corporation as provided in subsection (a) of this
section are not appropriate, does not affect the validity or
effect of the entries nor the liabilities or obligations of the
registered clearing corporation to any person adversely affected
thereby.

Wyoming § 34.1-3-903 (Transfer or pledge within a central depository system) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.