New York Uniform Commercial Code Law Section 8-116 - Securities Intermediary as Purchaser for Value.

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.

Last modified: February 3, 2019