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.
Haw. Rev. Stat. § 490:8-116
Securities intermediary as purchaser for value
Known as the Uniform Commercial Code
The act spans §§ 490–490 (641 sections).
L 1997, c 33, pt of §2
Official source: Hawaii State Legislature. Reproduced from public-domain Hawaii statutes; confirm against the official source for the current text. Not legal advice.