47-8116. 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.