Michigan Compiled Laws § 440.8116 Securities Intermediary As Purchaser For Value Of Financial Asset; Acquisition Of Security Entitlement For Value.

440.8116 Securities intermediary as purchaser for value of financial asset; acquisition of security entitlement for value.

Sec. 8116.

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.

History: Add. 1998, Act 278, Imd. Eff. July 27, 1998

Section: Previous  440.8103  440.8104  440.8105  440.8106  440.8107  440.8108  440.8109  440.8110  440.8111  440.8112  440.8113  440.8114  440.8115  440.8116  

Last modified: October 10, 2016