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.
Me. Rev. Stat. tit. 11, § 8-1116
Securities intermediary as purchaser for value
Known as the Uniform Commercial Code
The act spans §§ 2-101 to 9-1709 (548 sections).
PL 1997, c. 429, §B2 (NEW).
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.