Section 8--301. Delivery.(a) Delivery of a certificated security to a purchaser occurs when:
(1) the purchaser acquires possession of the security
certificate;
(2) another person, other than a securities intermediary, either
acquires possession of the security certificate on behalf of
the purchaser or, having previously acquired possession of
the certificate, acknowledges that it holds for the
purchaser; or
(3) a securities intermediary acting on behalf of the purchaser
acquires possession of the security certificate, only if the
certificate is in registered form and is (i) registered in
the name of the purchaser, (ii) payable to the order of the
purchaser, or (iii) specially indorsed to the purchaser by an
effective indorsement and has not been indorsed to the
securities intermediary or in blank.
(b) Delivery of an uncertificated security to a purchaser occurs when:
(1) the issuer registers the purchaser as the registered owner,
upon original issue or registration of transfer; or
(2) another person, other than a securities intermediary, either
becomes the registered owner of the uncertificated security
on behalf of the purchaser or, having previously become the
registered owner, acknowledges that it holds for the
purchaser.
Last modified: February 3, 2019