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.
810 ILCS 5/8-116
Securities intermediary as purchaser for value
Known as the Uniform Commercial Code
The act spans §§ 810-5-1-101 to 810-5-9-150 (132 sections).
P.A. 89-364, eff. 1-1-96.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.