62A.8-116 - Securities intermediary as purchaser for value. - Washington Statutes

Securities intermediary as purchaser for value.

A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder.

[1995 c 48 § 16.]

Notes: Effective date -- 1995 c 48: See RCW 62A.11-113.