{"data":{"id":"us-ky/krs-355.8-501","jurisdiction":"us-ky","citation":"KRS 355.8-501","heading":"Securities account -- Acquisition of security entitlement from securities","body":"intermediary.\n(1) \"Securities account\" means an account to which a financial asset is or may be\ncredited in accordance with an agreement under which the person maintaining the\naccount undertakes to treat the person for whom the account is maintained as\nentitled to exercise the rights that comprise the financial asset.\n(2) Except as otherwise provided in subsections (4) and (5) of this section, a person\nacquires a security entitlement if a securities intermediary:\n(a) Indicates by book entry that a financial asset has been credited to the person's\nsecurities account;\n(b) Receives a financial asset from the person or acquires a financial asset for the\nperson and, in either case, a ccepts it for credit to the person's securities\naccount; or\n(c) Becomes obligated under other law, regulation, or rule to credit a financial\nasset to the person's securities account.\n(3) If a condition of subsection (2) of this section has been met, a pers on has a security\nentitlement even though the securities intermediary does not itself hold the financial\nasset.\n(4) If a securities intermediary holds a financial asset for another person, and the\nfinancial asset is registered in the name of, payable to th e order of, or specially\nindorsed to the other person, and has not been indorsed to the securities\nintermediary or in blank, the other person is treated as holding the financial asset\ndirectly rather than as having a security entitlement with respect to th e financial\nasset.\n(5) Issuance of a security is not establishment of a security entitlement.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33717","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:47Z","sha256":"0bfde1f0b0f23a12241bb294ad0ba4f7c4019fc1974e8e4074ed6deb482defba","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.8-408","next":"us-ky/krs-355.8-502"},"notice":"GroundRules: Original legal text. Not legal advice."}