N.Y. UCC Law § 8-116
This is the official text of N.Y. UCC Law § 8-116, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Securities Intermediary as Purchaser for Value
Official statutory text
Section 8--116. Securities Intermediary as Purchaser for Value.\n A securities intermediary that receives a financial asset and\nestablishes a security entitlement to the financial asset in favor of an\nentitlement holder is a purchaser for value of the financial asset. A\nsecurities intermediary that acquires a security entitlement to a\nfinancial asset from another securities intermediary acquires the\nsecurity entitlement for value if the securities intermediary acquiring\nthe security entitlement establishes a security entitlement to the\nfinancial asset in favor of an entitlement holder.\n
Status: in_force · Read it on the official government site
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