47-8301. Delivery
A. Delivery of a certificated security to a purchaser occurs when:
1. The purchaser acquires possession of the security certificate;
2. Another person, other than a securities intermediary, either acquires possession
of the security certificate on behalf of the purchaser or, having previously acquired
possession of the certificate, acknowledges that it holds for the purchaser; or
3. A securities intermediary acting on behalf of the purchaser acquires possession
of the security certificate, only if the certificate is in registered form and is
registered in the name of the purchaser, payable to the order of the purchaser or
specially indorsed to the purchaser by an effective indorsement and has not been indorsed
to the securities intermediary or in blank.
B. Delivery of an uncertificated security to a purchaser occurs when:
1. The issuer registers the purchaser as the registered owner, upon original issue
or registration of transfer; or
2. Another person, other than a securities intermediary, either becomes the
registered owner of the uncertificated security on behalf of the purchaser or, having
previously become the registered owner, acknowledges that it holds for the purchaser.
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