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Session Laws, 1999
Volume 796, Page 2153   View pdf image
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(b) Acquiesced in the procurement by the bailor or his nominee of any
document of title.

8-103.

(f) A commodity contract, as defined in § [9-115] 9-102(A)(15) of this article, is
not a security or a financial asset.

8-106.

(a) A purchaser has "control" of a certificated security in bearer form if the
certificated security is delivered to the purchaser.

(b) A purchaser has "control" of a certificated security in registered form if the
certificated security is delivered to the purchaser, and:

(1) The certificate is indorsed to the purchaser or in blank by an effective
indorsement; or

(2) The certificate is registered in the name of the purchaser, upon
original issue or registration of transfer by the issuer.

(c) A purchaser has "control" of an uncertificated security if:

(1) The uncertificated security is delivered to the purchaser; or

(2) The issuer has agreed that it will comply with instructions originated
by the purchaser without further consent by the registered owner.

(d) A purchaser has "control" of a security entitlement if:

(1) The purchaser becomes the entitlement holder; [or]

(2) The securities intermediary has agreed that it will comply with
entitlement orders originated by the purchaser without further consent by the
entitlement holder; OR

(3) ANOTHER PERSON HAS CONTROL OF THE SECURITY ENTITLEMENT
ON BEHALF OF THE PURCHASER OR, HAVING PREVIOUSLY ACQUIRED CONTROL OF
THE SECURITY ENTITLEMENT, ACKNOWLEDGES THAT IT HAS CONTROL ON BEHALF
OF THE PURCHASER

(e) If an interest in a security entitlement is granted by the entitlement holder
to the entitlement holder's own securities intermediary, the securities intermediary
has control.

(f) A purchaser who has satisfied the requirements of subsection (c)[(2)] or
(d)[(2)] of this section has control even if the registered owner in the case of
subsection (c)[(2)) of this section or the entitlement holder in the case of subsection
(d)[(2)] of this section retains the right to make substitutions for the uncertificated
security or security entitlement, to originate instructions or entitlement orders to the
issuer or securities intermediary, or otherwise to deal with the uncertificated security
or security entitlement.

 

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Session Laws, 1999
Volume 796, Page 2153   View pdf image
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