Okla. Stat. tit. 12A, § 12A-8-501
This is the official text of Okla. Stat. tit. 12A, § 12A-8-501, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Securities Account; Acquisition of Security Entitlement
Official statutory text
from Securities Intermediary.
Securities Account; Acquisition of Security Entitlement from
Securities Intermediary.
(a) "Securities account" means an account to which a financial
asset is or may be credited in accordance with an agreement under
which the person maintaining the account undertakes to treat the
person for whom the account is maintained as entitled to exercise
the rights that comprise the financial asset.
(b) Except as otherwise provided in subsections (d) and (e) of
this section, a person acquires a security entitlement if a
securities intermediary:
(1) indicates by book entry that a financial asset has
been credited to the person's securities account;
(2) receives a financial asset from the person or acquires
a financial asset for the person and, in either case,
accepts it for credit to the person's securities
account; or
(3) becomes obligated under other law, regulation, or rule
to credit a financial asset to the person's securities
account.
(c) If a condition of subsection (b) of this section has been
met, a person has a security entitlement even though the securities
intermediary does not itself hold the financial asset.
(d) If a securities intermediary holds a financial asset for
another person, and the financial asset is registered in the name
of, payable to the order of, or specially indorsed to the other
person, and has not been indorsed to the securities intermediary or
in blank, the other person is treated as holding the financial asset
directly rather than as having a security entitlement with respect
to the financial asset.
(e) Issuance of a security is not establishment of a security
entitlement.
Securities Account; Acquisition of Security Entitlement from
Securities Intermediary.
(a) "Securities account" means an account to which a financial
asset is or may be credited in accordance with an agreement under
which the person maintaining the account undertakes to treat the
person for whom the account is maintained as entitled to exercise
the rights that comprise the financial asset.
(b) Except as otherwise provided in subsections (d) and (e) of
this section, a person acquires a security entitlement if a
securities intermediary:
(1) indicates by book entry that a financial asset has
been credited to the person's securities account;
(2) receives a financial asset from the person or acquires
a financial asset for the person and, in either case,
accepts it for credit to the person's securities
account; or
(3) becomes obligated under other law, regulation, or rule
to credit a financial asset to the person's securities
account.
(c) If a condition of subsection (b) of this section has been
met, a person has a security entitlement even though the securities
intermediary does not itself hold the financial asset.
(d) If a securities intermediary holds a financial asset for
another person, and the financial asset is registered in the name
of, payable to the order of, or specially indorsed to the other
person, and has not been indorsed to the securities intermediary or
in blank, the other person is treated as holding the financial asset
directly rather than as having a security entitlement with respect
to the financial asset.
(e) Issuance of a security is not establishment of a security
entitlement.
Status: in_force · Read it on the official government site
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