N.Y. Uniform Commercial Code Law § 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.