8.8A-301 - A-301. Delivery. - Virginia Statutes

§ 8.8A-301. Delivery.

(a) Delivery of a certificated security to a purchaser occurs when:

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

(2) another person, other than a securities intermediary, either acquirespossession of the security certificate on behalf of the purchaser or, havingpreviously acquired possession of the certificate, acknowledges that it holdsfor the purchaser; or

(3) a securities intermediary acting on behalf of the purchaser acquirespossession of the security certificate, only if the certificate is inregistered form and is (i) registered in the name of the purchaser, (ii)payable to the order of the purchaser, or (iii) specially endorsed to thepurchaser by an effective endorsement and has not been endorsed to thesecurities intermediary or in blank.

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

(1) the issuer registers the purchaser as the registered owner, upon originalissue or registration of transfer; or

(2) another person, other than a securities intermediary, either becomes theregistered owner of the uncertificated security on behalf of the purchaseror, having previously become the registered owner, acknowledges that it holdsfor the purchaser.

(1996, c. 216; 2000, c. 1007.)