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.
Del. Code tit. 6, §§ 8-116
Securities intermediary as purchaser for value
Known as the Uniform Commercial Code
The act spans §§ 6–6 (106 sections).
71 Del
Official source: Delaware Code Online. Reproduced from public-domain Delaware statutes; confirm against the official source for the current text. Not legal advice.