Michigan Compiled Laws 174-1962-8-5 Part 5 Security Entitlements (440.8501...440.8511)

• Section 440.8501 “securities Account” Defined; Acquisition Of Security Entitlement; Conditions; Directly Held Financial Asset; Issuance Not As Security Entitlement.
  (1) “Securities account” means an account to which a financial asset is or may be credited in accordance with an agreement under which the...
• Section 440.8502 Action Based On Adverse Claim.
  An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may...
• Section 440.8503 Entitlement Holder Property Interest.
  (1) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in...
• Section 440.8504 Maintenance Of Financial Asset By Securities Intermediary; Quantity; Manner; Limitation; Duties; Applicability To Clearing Corporation.
  (1) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements...
• Section 440.8505 Obtaining Payment Or Distribution Made By Issuer Of Financial Asset; Duties And Obligations Of Securities Intermediary.
  (1) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. This duty is...
• Section 440.8506 Duty Of Securities Intermediary To Exercise Rights With Respect To Financial Asset; Conditions.
  A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. The duty is...
• Section 440.8507 Compliance With Entitlement Order By Securities Intermediary; Conditions; Wrongful Transfer Of Financial Asset Pursuant To Ineffective Entitlement Order; Liability.
  (1) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has...
• Section 440.8508 Changing Security Entitlement Into Another Form Of Holding; Transferring Financial Asset To Securities Account Of Entitlement Holder; Duties Of Securities Intermediary; Conditions.
  A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for...
• Section 440.8509 Performance Of Duties By Securities Intermediary.
  (1) If the substance of a duty imposed upon a securities intermediary by sections 8504 through 8508 is the subject of other statute, regulation,...
• Section 440.8510 Assertion Of Action Based On Adverse Claim; Prohibition; Conditions; Priority.
  (1) In a case not covered by the priority rules in article 9 or the rules stated in subsection (3), an action based on...
• Section 440.8511 Priority Of Claims.
  (1) Except as otherwise provided in subsections (2) and (3), if a securities intermediary does not have sufficient interest in a particular financial asset...

Last modified: October 10, 2016