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UTAH STATUTES AND CODES
70A-8-115 - Securities intermediary as purchaser for value.
70A-8-115. Securities intermediary as purchaser for value.
A securities intermediary that receives a financial asset and establishes a securityentitlement to the financial asset in favor of an entitlement holder is a purchaser for value of thefinancial asset. A securities intermediary that acquires a security entitlement to a financial assetfrom another securities intermediary acquires the security entitlement for value if the securitiesintermediary acquiring the security entitlement establishes a security entitlement to the financialasset in favor of an entitlement holder.
A securities intermediary that receives a financial asset and establishes a securityentitlement to the financial asset in favor of an entitlement holder is a purchaser for value of thefinancial asset. A securities intermediary that acquires a security entitlement to a financial assetfrom another securities intermediary acquires the security entitlement for value if the securitiesintermediary acquiring the security entitlement establishes a security entitlement to the financialasset in favor of an entitlement holder.
Enacted by Chapter 204, 1996 General Session
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