70A-8-301 - Delivery. - Utah Statutes

70A-8-301. Delivery.
(1) Delivery of a certificated security to a purchaser occurs when:
(a) the purchaser acquires possession of the security certificate;
(b) another person, other than a securities intermediary, either acquires possession of thesecurity certificate on behalf of the purchaser or, having previously acquired possession of thecertificate, acknowledges that it holds for the purchaser; or
(c) a securities intermediary acting on behalf of the purchaser acquires possession of thesecurity certificate, only if the certificate is in 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 the purchaser by an effective indorsement and has not beenindorsed to the securities intermediary or in blank.
(2) Delivery of an uncertificated security to a purchaser occurs when:
(a) the issuer registers the purchaser as the registered owner, upon original issue orregistration of transfer; or
(b) another person, other than a securities intermediary, either becomes the registeredowner of the uncertificated security on behalf of the purchaser or, having previously become theregistered owner, acknowledges that it holds for the purchaser.

Amended by Chapter 252, 2000 General Session