California Law (Last Updated: March 4, 2014) |
Commercial Code - COM |
Division 8. INVESTMENT SECURITIES |
Chapter 1. Short Title and General Matters |
Section 8116.
Latest version.
-
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.
(Added by Stats. 1996, Ch. 497, Sec. 9. Effective January 1, 1997.)