§ 25‑8‑501. Securities account; acquisition of security entitlement from securitiesintermediary.
(a) "Securitiesaccount" means an account to which a financial asset is or may be creditedin accordance with an agreement under which the person maintaining the accountundertakes to treat the person for whom the account is maintained as entitledto exercise the rights that comprise the financial asset.
(b) Except as otherwiseprovided in subsections (d) and (e) of this section, a person acquires asecurity entitlement if a securities intermediary:
(1) Indicates by bookentry that a financial asset has been credited to the person's securitiesaccount;
(2) Receives a financialasset from the person or acquires a financial asset for the person and, ineither case, accepts it for credit to the person's securities account; or
(3) Becomes obligatedunder other law, regulation, or rule to credit a financial asset to theperson's securities account.
(c) If a condition ofsubsection (b) of this section has been met, a person has a securityentitlement even though the securities intermediary does not itself hold thefinancial asset.
(d) If a securitiesintermediary holds a financial asset for another person, and the financialasset is registered in the name of, payable to the order of, or speciallyindorsed to the other person, and has not been indorsed to the securitiesintermediary or in blank, the other person is treated as holding the financialasset directly rather than as having a security entitlement with respect to thefinancial asset.
(e) Issuance of asecurity is not establishment of a security entitlement. (1997‑181,s. 1.)
§ 25‑8‑501. Securities account; acquisition of security entitlement from securitiesintermediary.
(a) "Securitiesaccount" means an account to which a financial asset is or may be creditedin accordance with an agreement under which the person maintaining the accountundertakes to treat the person for whom the account is maintained as entitledto exercise the rights that comprise the financial asset.
(b) Except as otherwiseprovided in subsections (d) and (e) of this section, a person acquires asecurity entitlement if a securities intermediary:
(1) Indicates by bookentry that a financial asset has been credited to the person's securitiesaccount;
(2) Receives a financialasset from the person or acquires a financial asset for the person and, ineither case, accepts it for credit to the person's securities account; or
(3) Becomes obligatedunder other law, regulation, or rule to credit a financial asset to theperson's securities account.
(c) If a condition ofsubsection (b) of this section has been met, a person has a securityentitlement even though the securities intermediary does not itself hold thefinancial asset.
(d) If a securitiesintermediary holds a financial asset for another person, and the financialasset is registered in the name of, payable to the order of, or speciallyindorsed to the other person, and has not been indorsed to the securitiesintermediary or in blank, the other person is treated as holding the financialasset directly rather than as having a security entitlement with respect to thefinancial asset.
(e) Issuance of asecurity is not establishment of a security entitlement. (1997‑181,s. 1.)
§ 25‑8‑501. Securities account; acquisition of security entitlement from securitiesintermediary.
(a) "Securitiesaccount" means an account to which a financial asset is or may be creditedin accordance with an agreement under which the person maintaining the accountundertakes to treat the person for whom the account is maintained as entitledto exercise the rights that comprise the financial asset.
(b) Except as otherwiseprovided in subsections (d) and (e) of this section, a person acquires asecurity entitlement if a securities intermediary:
(1) Indicates by bookentry that a financial asset has been credited to the person's securitiesaccount;
(2) Receives a financialasset from the person or acquires a financial asset for the person and, ineither case, accepts it for credit to the person's securities account; or
(3) Becomes obligatedunder other law, regulation, or rule to credit a financial asset to theperson's securities account.
(c) If a condition ofsubsection (b) of this section has been met, a person has a securityentitlement even though the securities intermediary does not itself hold thefinancial asset.
(d) If a securitiesintermediary holds a financial asset for another person, and the financialasset is registered in the name of, payable to the order of, or speciallyindorsed to the other person, and has not been indorsed to the securitiesintermediary or in blank, the other person is treated as holding the financialasset directly rather than as having a security entitlement with respect to thefinancial asset.
(e) Issuance of asecurity is not establishment of a security entitlement. (1997‑181,s. 1.)
