8.8A-116 - A-116. Securities intermediary as purchaser for value. - Virginia Statutes

§ 8.8A-116. Securities intermediary as purchaser for value.

A securities intermediary that receives a financial asset and establishes asecurity entitlement to the financial asset in favor of an entitlement holderis a purchaser for value of the financial asset. A securities intermediarythat acquires a security entitlement to a financial asset from anothersecurities intermediary acquires the security entitlement for value if thesecurities intermediary acquiring the security entitlement establishes asecurity entitlement to the financial asset in favor of an entitlement holder.

(1996, c. 216.)