Ucc 8-501

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2. 6 See UCC §8-501(a). 7 UCC §8-102, cmt. 17. 8 A security entitlement constitutes only a very limited and unique interest in the intermediary’s property interests “the incidents of [which] are established by the rules of Article 8, not by common law property concepts.” UCC §8-503, cmt. 2.

04.11.2020

UCC §8-504 (a). 1308.51. (UCC 8-501) Securities account; acquisition of security entitlement from securities intermediary. 1308.52.

Read this complete New York Consolidated Laws, Uniform Commercial Code - UCC § 8-110. Applicability; Choice of Law on Westlaw FindLaw Codes are provided courtesy of Thomson Reuters Westlaw, the industry-leading online legal research system .

8-501 Section 8--501. Securities Account; Acquisition of Security Entitlement From Securities Intermediary.

Section 8-501(b) of the UCC provides: 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;

Securities account Section 8-501 (c) In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article. If a person acquires a security entitlement by virtue of Section 8.501(b)(2) or (3), that person is the entitlement holder. (8) "Entitlement order" means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement. Uniform Commercial Code PRESENTMENT. (a) " Presentment " means a demand made by or on behalf of a person entitled to enforce an instrument (i) to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank, or (ii) to accept a draft made to the drawee. 1308.51 Securities account - acquisition of security entitlement from securities intermediary - UCC 8-501.

(8) “Entitlement order” means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement. Under Section 8-501(a) of the UCC, a “securities account” is defined as “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 Oct 26, 2011 3 UCC §§ 8-501(a) and 8-102(a)(9). 4 UCC § 8-102(a)(15). 2 1 treated as a financial asset” (emphasis added).5 2 3 Once the securities intermediary has indicated by book entry that a financial asset has 4 been credited to a person’s securities account, the person is referred to as an “entitlement Nov 14, 2012 In the indirect holding system, a customer’s rights are in the security entitlements to that underlying security. Official Comment 4 to UCC Section 8-501 states that ‘‘persons who hold securities through brokers or custodians have security entitlements, rather than … The terms security, security entitlement, and related terms are defined in Section 8-102, and the term securities account is defined in Section 8-501. . .

Intermediary. §8-106(e). And third, a transferee Policy Perspectives on Revised U.C.C. Article 8,43 U.C.L.A. L. REv. those persons acquiring a security entitlement through sections 8-501(b)(2) or (3). See id.

L. REv. those persons acquiring a security entitlement through sections 8-501(b)(2) or (3). See id. Special Report of the TriBar Opinion Committee: U.C.C. Security Interest In general U.C.C. § 8-501 provides that a purchaser (including a secured party). and prior security interest under the UCC in and to the Account and all Collateral be a “securities account” within the meaning of Section 8-501 of the UCC;. (b).

Securities Account; Acquisition of Security Entitlement from Securities Intermediary. Section 8--501. Securities Account; Acquisition of Security Entitlement from Securities Intermediary. (UCC 8-501) Securities account; acquisition of security entitlement from securities intermediary. Securities account Section 8-501 (c) In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article. (d) The characterization of a person, business, or transaction for purposes of this Article does not determine the characterization of the person, business, or transaction for purposes of any other law, regulation, or rule.

(8) “Entitlement order” means a notification Standards Body: e. UCC: 2002 Official Text and Comments,. Sections 8–501 through 8–511.

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Section 8--501. (c) In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article. (d) The characterization of a person, business, or transaction for purposes of this Article does not determine the characterization of the person, business, or transaction for purposes of

. . . C opyright by ALI and NCCUSL. Reproduced with the permission of the Permanent Editorial Board for the UCC. Uniform Commercial Code § 8-502; New York Consolidated Laws, Uniform Commercial Code - UCC § 8-502.