Statute · New York Uniform Commercial Code
N.Y. U.C.C. Law § 8-116 — Securities Intermediary as Purchaser for Value
N.Y. U.C.C. Law § 8-116
- Type
- Statute
- Source
- New York Uniform Commercial Code
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
Section 8--116. Securities Intermediary as Purchaser for Value.
Citator
N.Y. U.C.C. Law § 8-116 — Securities Intermediary as Purchaser for Value is in force in the current edition of the Code, and nothing recorded condemns it.
Section 8--116. 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.