Sec. 42a-8-104. Acquisition of security or financial asset or interest therein. - Connecticut Statutes

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Statutes > Connecticut > Title42a > Art008 > Sec42a-8-104

      Sec. 42a-8-104. Acquisition of security or financial asset or interest therein. (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 42a-8-301; or

      (2) The person acquires a security entitlement to the security pursuant to section 42a-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 42a-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.

      (1959, P.A. 133, S. 8-104; P.A. 79-435, S. 3; P.A. 97-182, S. 4.)

      History: P.A. 79-435 amended section to distinguish between actions required for certificated and uncertificated securities, applying previous requirements to certificated securities; P.A. 97-182 entirely replaced former provisions re effect of overissue and defining "overissue" with provisions re acquisition of security or financial asset or an interest therein.

      See Sec. 42a-8-210 for successor provisions to Sec. 42a-8-104, revised to 1997, re overissue.

State Codes and Statutes

Statutes > Connecticut > Title42a > Art008 > Sec42a-8-104

      Sec. 42a-8-104. Acquisition of security or financial asset or interest therein. (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 42a-8-301; or

      (2) The person acquires a security entitlement to the security pursuant to section 42a-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 42a-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.

      (1959, P.A. 133, S. 8-104; P.A. 79-435, S. 3; P.A. 97-182, S. 4.)

      History: P.A. 79-435 amended section to distinguish between actions required for certificated and uncertificated securities, applying previous requirements to certificated securities; P.A. 97-182 entirely replaced former provisions re effect of overissue and defining "overissue" with provisions re acquisition of security or financial asset or an interest therein.

      See Sec. 42a-8-210 for successor provisions to Sec. 42a-8-104, revised to 1997, re overissue.

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State Codes and Statutes

Statutes > Connecticut > Title42a > Art008 > Sec42a-8-104

      Sec. 42a-8-104. Acquisition of security or financial asset or interest therein. (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 42a-8-301; or

      (2) The person acquires a security entitlement to the security pursuant to section 42a-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 42a-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.

      (1959, P.A. 133, S. 8-104; P.A. 79-435, S. 3; P.A. 97-182, S. 4.)

      History: P.A. 79-435 amended section to distinguish between actions required for certificated and uncertificated securities, applying previous requirements to certificated securities; P.A. 97-182 entirely replaced former provisions re effect of overissue and defining "overissue" with provisions re acquisition of security or financial asset or an interest therein.

      See Sec. 42a-8-210 for successor provisions to Sec. 42a-8-104, revised to 1997, re overissue.