Okla. Stat. tit. 12A, § 12A-8-503: Property Interest of Entitlement Holder in Financial

Asset Held by Securities Intermediary.

Property Interest of Entitlement Holder in Financial Asset Held

by Securities Intermediary.

(a) To the extent necessary for a securities intermediary to

satisfy all security entitlements with respect to a particular

financial asset, all interests in that financial asset held by the

securities intermediary are held by the securities intermediary for

the entitlement holders, are not property of the securities

intermediary, and are not subject to claims of creditors of the

securities intermediary, except as otherwise provided in Section 8-

511 of this title.

(b) An entitlement holder's property interest with respect to a

particular financial asset under subsection (a) of this section is a

pro rata property interest in all interests in that financial asset

held by the securities intermediary, without regard to the time the

entitlement holder acquired the security entitlement or the time the

securities intermediary acquired the interest in that financial

asset.

(c) An entitlement holder's property interest with respect to a

particular financial asset under subsection (a) of this section may

be enforced against the securities intermediary only by exercise of

the entitlement holder's rights under Sections 8-505 through 8-508

of this title.

(d) An entitlement holder's property interest with respect to a

particular financial asset under subsection (a) of this section may

be enforced against a purchaser of the financial asset or interest

therein only if:

(1) insolvency proceedings have been initiated by or

against the securities intermediary;

(2) the securities intermediary does not have sufficient

interests in the financial asset to satisfy the

security entitlements of all of its entitlement

holders to that financial asset;

(3) the securities intermediary violated its obligations

under Section 8-504 of this title by transferring the

financial asset or interest therein to the purchaser;

and

(4) the purchaser is not protected under subsection (e) of

this section.

The trustee or other liquidator, acting on behalf of all entitlement

holders having security entitlements with respect to a particular

financial asset, may recover the financial asset, or interest

therein, from the purchaser. If the trustee or other liquidator

elects not to pursue that right, an entitlement holder whose

security entitlement remains unsatisfied has the right to recover

its interest in the financial asset from the purchaser.

(e) An action based on the entitlement holder's property

interest with respect to a particular financial asset under

subsection (a) of this section, whether framed in conversion,

replevin, constructive trust, equitable lien, or other theory, may

not be asserted against any purchaser of a financial asset or

interest therein who gives value, obtains control, and does not act

in collusion with the securities intermediary in violating the

securities intermediary's obligations under Section 8-504 of this

title.