§ 25-8-116. Securities intermediary as purchaser for value. - North Carolina Statutes

§ 25‑8‑116. Securities intermediary as purchaser for value.

A securities intermediary thatreceives a financial asset and establishes a security entitlement to thefinancial asset in favor of an entitlement holder is a purchaser for value ofthe financial asset. A securities intermediary that acquires a securityentitlement to a financial asset from another securities intermediary acquiresthe security entitlement for value if the securities intermediary acquiring thesecurity entitlement establishes a security entitlement to the financial assetin favor of an entitlement holder. (1997‑181, s. 1.)