7-8-501
Section 7-8-501 Securities account; acquisition of security entitlement from securities intermediary.
(a) "Securities account" means an account to which a financial asset is or may be
credited in accordance with an agreement under which the person maintaining the account undertakes
to treat the person for whom the account is maintained as entitled to exercise the rights
that comprise the financial asset. (b) Except as otherwise provided in subsections (d) and
(e), a person acquires a security entitlement if a securities intermediary: (1) indicates
by book entry that a financial asset has been credited to the person's securities account;
(2) receives a financial asset from the person or acquires a financial asset for the person
and, in either case, accepts it for credit to the person's securities account; or (3) becomes
obligated under other law, regulation, or rule to credit a financial asset to the person's
securities account. (c) If a condition of subsection (b) has been met, a...
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7-8-510
Section 7-8-510 Rights of purchaser of security entitlement from entitlement holder. (a) In
a case not covered by the priority rules in Article 9A or the rules stated in subsection (c),
an action based on an adverse claim to a financial asset or security entitlement, whether
framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not
be asserted against a person who purchases a security entitlement, or an interest therein,
from an entitlement holder if the purchaser gives value, does not have notice of the adverse
claim, and obtains control. (b) If an adverse claim could not have been asserted against an
entitlement holder under Section 7-8-502, the adverse claim cannot be asserted against a person
who purchases a security entitlement, or an interest therein, from the entitlement holder.
(c) In a case not covered by the priority rules in Article 9A, a purchaser for value of a
security entitlement, or an interest therein, who obtains control has priority...
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7-8-110
Section 7-8-110 Applicability; choice of law. (a) The local law of the issuer's jurisdiction,
as specified in subsection (d), governs: (1) the validity of a security; (2) the rights and
duties of the issuer with respect to registration of transfer; (3) the effectiveness of registration
of transfer by the issuer; (4) whether the issuer owes any duties to an adverse claimant to
a security; and (5) whether an adverse claim can be asserted against a person to whom transfer
of a certificated or uncertificated security is registered or a person who obtains control
of an uncertificated security. (b) The local law of the securities intermediary's jurisdiction,
as specified in subsection (e), governs: (1) acquisition of a security entitlement from the
securities intermediary; (2) the rights and duties of the securities intermediary and entitlement
holder arising out of a security entitlement; (3) whether the securities intermediary owes
any duties to an adverse claimant to a security...
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7-9A-102
term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper,
payment intangibles, and promissory notes that have been sold; and (C) goods that are the
subject of a consignment. (13) "Commercial tort claim" means a claim arising in
tort with respect to which: (A) the claimant is an organization; or (B) the claimant is an
individual and the claim: (i) arose in the course of the claimant's business or profession;
and (ii) does not include damages arising out of personal injury to or the death
of an individual. (14) "Commodity account" means an account maintained by a commodity
intermediary in which a commodity contract is carried for a commodity customer. (15) "Commodity
contract" means a commodity futures contract, an option on a commodity futures contract,
a commodity option, or another contract if the contract or option is: (A) traded on or subject
to the rules of a board of trade that has been designated as a contract market for such a
contract...
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7-9A-206
Section 7-9A-206 Security interest arising in purchase or delivery of financial asset. (a)
Security interest when person buys through securities intermediary. A security interest in
favor of a securities intermediary attaches to a person's security entitlement if: (1) the
person buys a financial asset through the securities intermediary in a transaction in which
the person is obligated to pay the purchase price to the securities intermediary at the time
of the purchase; and (2) the securities intermediary credits the financial asset to the buyer's
securities account before the buyer pays the securities intermediary. (b) Security interest
secures obligation to pay for financial asset. The security interest described in subsection
(a) secures the person's obligation to pay for the financial asset. (c) Security interest
in payment against delivery transaction. A security interest in favor of a person that delivers
a certificated security or other financial asset represented by a writing...
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7-8-102
Section 7-8-102 Definitions. (a) In this article: (1) "Adverse claim" means a claim
that a claimant has a property interest in a financial asset and that it is a violation of
the rights of the claimant for another person to hold, transfer, or deal with the financial
asset. (2) "Bearer form," as applied to a certificated security, means a form in
which the security is payable to the bearer of the security certificate according to its terms
but not by reason of an indorsement. (3) "Broker" means a person defined as a broker
or dealer under the federal securities laws, but without excluding a bank acting in that capacity.
(4) "Certificated security" means a security that is represented by a certificate.
(5) "Clearing corporation" means: (i) a person that is registered as a "clearing
agency" under the federal securities laws; (ii) a federal reserve bank; or (iii) any
other person that provides clearance or settlement services with respect to financial assets
that would require it to...
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7-8-107
(a) "Appropriate person" means: (1) with respect to an indorsement, the person specified
by a security certificate or by an effective special indorsement to be entitled to the security;
(2) with respect to an instruction, the registered owner of an uncertificated security; (3)
with respect to an entitlement order, the entitlement holder; (4) if the person designated
in paragraph (1), (2), or (3) is deceased, the designated person's successor taking under
other law or the designated person's personal representative acting for the estate
of the decedent; or (5) if the person designated in paragraph (1), (2), or (3) lacks capacity,
the designated person's guardian, conservator, or other similar representative who has power
under other law to transfer the security or financial asset. (b) An indorsement, instruction,
or entitlement order is effective if: (1) it is made by the appropriate person; (2) it is
made by a person who has power under the law of agency to transfer the security or...
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7-9A-208
Section 7-9A-208 Additional duties of secured party having control of collateral. (a) Applicability
of section. This section applies to cases in which there is no outstanding secured obligation
and the secured party is not committed to make advances, incur obligations, or otherwise give
value. (b) Duties of secured party after receiving demand from debtor. Within 10 days after
receiving an authenticated demand by the debtor: (1) a secured party having control of a deposit
account under Section 7-9A-104(a)(2) shall send to the bank with which the deposit account
is maintained an authenticated statement that releases the bank from any further obligation
to comply with instructions originated by the secured party; (2) a secured party having control
of a deposit account under Section 7-9A-104(a)(3) shall: (A) pay the debtor the balance on
deposit in the deposit account; or (B) transfer the balance on deposit into a deposit account
in the debtor's name; (3) a secured party, other than a...
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26-2A-152
Section 26-2A-152 Powers of conservator in administration. (a) Subject to limitation provided
in Section 26-2A-154, a conservator shall have all of the powers conferred in this section
and any additional powers now or hereafter conferred by law on trustees in this state. In
addition, a conservator of the estate of an unmarried minor as to whom no one has parental
rights, has the powers of a guardian of a minor described in Section 26-2A-78 until the minor
attains the age of 19 years, or the disabilities of nonage have been removed, but the parental
rights so conferred on a conservator do not preclude appointment of a guardian as provided
in Division 1 of this article. (b) A conservator without court authorization or confirmation
may invest and reinvest funds of the estate as would a trustee. (c) A conservator, acting
as a fiduciary in efforts to accomplish the purpose of the appointment, may act without court
authorization or confirmation, to (1) Collect, hold, and retain assets of the...
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8-6-11
Section 8-6-11 Registration of securities - Exempt transactions. (a) Except as hereinafter
in this section expressly provided, Sections 8-6-3 through 8-6-9 shall not apply to any of
the following transactions: (1) Any isolated nonissuer transaction, whether effected through
a dealer or not; (2) Any nonissuer transaction in an outstanding security by a registered
dealer if: a. The issuer has a class of securities subject to registration under Section 12
of the Securities Exchange Act of 1934 and has been subject to the reporting requirements
of Sections 13 or 15(d) of the Securities Exchange Act of 1934 for not less than 180 days
before the transaction; or has filed and maintained with the commission for not less than
180 days before the transaction information, in such form as the commission, by rule, specifies,
substantially comparable to the information which the issuer would be required to file under
Section 12(b) or Section 12(g) of the Securities Exchange Act of 1934, or the...
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