N.Y. U.C.C. 8-116

Section 8--116. Securities Intermediary as Purchaser for Value.\n A securities intermediary that receives a financial asset and\nestablishes a security entitlement to the financial asset in favor of an\nentitlement holder is a purchaser for value of the financial asset. A\nsecurities intermediary that acquires a security entitlement to a\nfinancial asset from another securities intermediary acquires the\nsecurity entitlement for value if the securities intermediary acquiring\nthe security entitlement establishes a security entitlement to the\nfinancial asset in favor of an entitlement holder.\n