PART 3. 
TRANSFER OF CERTIFICATED



AND
UNCERTIFICATED SECURITIES



 



§490:8-301  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:



(A)  Registered in the name of the purchaser;



(B)  Payable to the order of the purchaser; or



(C)  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. [L 1997, c 33, pt of §2;
am L 2000, c 241, §25]