400.8-301. Delivery. - Missouri Statutes

Delivery.

400.8-301. (a) Delivery of a certificated security to a purchaseroccurs when:

(1) The purchaser acquires possession of the security certificate;

(2) Another person, other than a securities intermediary, eitheracquires possession of the security certificate on behalf of the purchaseror, having previously acquired possession of the certificate, acknowledgesthat it holds for the purchaser; or

(3) A securities intermediary acting on behalf of the purchaseracquires possession of the security certificate, only if the certificate isin registered form and is (i) registered in the name of the purchaser; (ii)payable to the order of the purchaser; or (iii) specially indorsed to thepurchaser by an effective indorsement and has not been indorsed to thesecurities intermediary or in blank.

(b) Delivery of an uncertificated security to a purchaser occurswhen:

(1) The issuer registers the purchaser as the registered owner, uponoriginal issue or registration of transfer; or

(2) Another person, other than a securities intermediary, eitherbecomes the registered owner of the uncertificated security on behalf ofthe purchaser or, having previously become the registered owner,acknowledges that it holds for the purchaser.

(L. 1963 p. 503 § 8-301, A.L. 1992 S.B. 448, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)

Effective 7-01-01