Tex. Business & Commerce Code § 8.116
This is the official text of Tex. Business & Commerce Code § 8.116, part of Texas’s Business & Commerce Code — governs commercial transactions and general business practices.
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§ 8.116. SECURITIES INTERMEDIARY AS PURCHASER FOR VALUE.
Official statutory text
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.
Status: in_force · Read it on the official government site
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