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.
KRS 355.8-116
Securities intermediary as purchaser for value
Known as the Uniform Commercial Code
The act spans §§ 355.10-101 to 355.9-809 (686 sections).
Effective: January 1, 1997 History: Created 1996 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.