KRS 355.8-301: Delivery.

(1) Delivery of a certificated security to a purchaser occurs when:

(a) The purchaser acquires possession of the security certificate;

(b) 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

(c) A securities intermediary acting on behalf of the purchaser acquires

possession of the security certificate, only if the certi ficate is in registered

form and is:

1. Registered in the name of the purchaser;

2. Payable to the order of the purchaser; or

3. Specially indorsed to the purchaser by an effective indorsement and has

not been indorsed to the securities intermediary or in blank.

(2) Delivery of an uncertificated security to a purchaser occurs when:

(a) The issuer registers the purchaser as the registered owner, upon original issue

or registration of transfer; or

(b) Another person, other than a securities intermediary, eith er 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.