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The Laws of New York
Consolidated Laws of New York
CHAPTER 38
Uniform Commercial Code
ARTICLE 8
Investment Securities
PART 1
Short Title and General Matters
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SECTION 8-115
Securities Intermediary and Others Not Liable to Adverse Claimant
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PART 1
Short Title and General Matters
This entry was published on 2014-09-22
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SECTION 8-116
Securities Intermediary as Purchaser for Value
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 8, PART 1
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.