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.

HISTORY: 2001 Act No. 67, Section 5. "Financial asset" Section 8-102(a)(9) "Securities intermediary" Section 8-102(a)(14) "Security entitlement" Section 8-102(a)(17) "Entitlement holder" Section 8-102(a)(7) Part 2 Issue and Issuer