Sec. 116. 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.
Ind. Code § 26-1-8.1-116
Determination of securities intermediary as purchaser for value
Known as the Uniform Commercial Code
The act spans §§ 26-1-1-0.2 to 26-1-9.1-902 (630 sections).
As added by P.L.247-1995, SEC.10.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.