N.Y. U.C.C. Law § 8-116

Current through 2024 NY Law Chapters 1-59 and 61-118

Section 8-116 - Securities Intermediary as Purchaser for Value

A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder.

N.Y. U.c.c. Law § 8-116