Statute · New York Uniform Commercial Code

N.Y. U.C.C. Law § 8-104 — Acquisition of Security or Financial Asset or Interest Therein

N.Y. U.C.C. Law § 8-104

Type: Statute
Source: New York Uniform Commercial Code
Jurisdiction: New York
Current through: Nov 5, 2026 (NY Senate Open Legislation)

Section 8--104. Acquisition of Security or Financial Asset or Interest

Citator

N.Y. U.C.C. Law § 8-104 — Acquisition of Security or Financial Asset or Interest Therein is in force in the current edition of the Code, and nothing recorded condemns it.

Section 8--104. Acquisition of Security or Financial Asset or Interest

Therein.

(a) A person acquires a security or an interest therein, under this Article, if:

(1) the person is a purchaser to whom a security is delivered

pursuant to Section 8--301; or

(2) the person acquires a security entitlement to the security

pursuant to Section 8--501.

(b) A person acquires a financial asset, other than a security, or an interest therein, under this Article, if the person acquires a security entitlement to the financial asset.

(c) A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in Section 8--503.

(d) Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule, or agreement to transfer, deliver, present, surrender, exchange, or otherwise put in the possession of another person a security or financial asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection (a) or (b).