N.Y. Uniform Commercial Code Law Section 8-104
Acquisition of Security or Financial Asset or Interest Therein

Section 8--104. Acquisition of Security or Financial Asset or Interest Therein.

(a)

A person acquires a security or an interest therein, under this Article, if:

(1)

the person is a purchaser to whom a security is delivered pursuant to Section 8--301; or

(2)

the person acquires a security entitlement to the security pursuant to Section 8--501.

(b)

A person acquires a financial asset, other than a security, or an interest therein, under this Article, if the person acquires a security entitlement to the financial asset.

(c)

A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in Section 8--503.

(d)

Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule, or agreement to transfer, deliver, present, surrender, exchange, or otherwise put in the possession of another person a security or financial asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection (a) or (b).

Source: Section 8-104 — Acquisition of Security or Financial Asset or Interest Therein, https://www.­nysenate.­gov/legislation/laws/UCC/8-104 (updated Sep. 22, 2014; accessed Apr. 27, 2024).

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Accessed:
Apr. 27, 2024

Last modified:
Sep. 22, 2014

§ 8-104’s source at nysenate​.gov

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