N.Y. Uniform Commercial Code Law Section 8-116
Securities Intermediary as Purchaser for Value

8‑101
Short Title 8‑102
Definitions 8‑103
Rules for Determining Whether Certain Obligations and Interests are Securities or Financial Assets 8‑104
Acquisition of Security or Financial Asset or Interest Therein 8‑105
Notice of Adverse Claim 8‑106
Control 8‑107
Whether Indorsement, Instruction, or Entitlement Order is Effective 8‑108
Warranties in Direct Holding 8‑109
Warranties in Indirect Holding 8‑110
Applicability 8‑111
Clearing Corporation Rules 8‑112
Creditor’s Legal Process 8‑113
Statute of Frauds Generally Inapplicable 8‑114
Evidentiary Rules Concerning Certificated Securities 8‑115
Securities Intermediary and Others Not Liable to Adverse Claimant 8‑116
Securities Intermediary as Purchaser for Value