{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-8-503","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-8-503","heading":"Property Interest of Entitlement Holder in Financial","body":"Asset Held by Securities Intermediary.\n\nProperty Interest of Entitlement Holder in Financial Asset Held\n\nby Securities Intermediary.\n\n(a) To the extent necessary for a securities intermediary to\n\nsatisfy all security entitlements with respect to a particular\n\nfinancial asset, all interests in that financial asset held by the\n\nsecurities intermediary are held by the securities intermediary for\n\nthe entitlement holders, are not property of the securities\n\nintermediary, and are not subject to claims of creditors of the\n\nsecurities intermediary, except as otherwise provided in Section 8-\n\n511 of this title.\n\n(b) An entitlement holder's property interest with respect to a\n\nparticular financial asset under subsection (a) of this section is a\n\npro rata property interest in all interests in that financial asset\n\nheld by the securities intermediary, without regard to the time the\n\nentitlement holder acquired the security entitlement or the time the\n\nsecurities intermediary acquired the interest in that financial\n\nasset.\n\n(c) An entitlement holder's property interest with respect to a\n\nparticular financial asset under subsection (a) of this section may\n\nbe enforced against the securities intermediary only by exercise of\n\nthe entitlement holder's rights under Sections 8-505 through 8-508\n\nof this title.\n\n(d) An entitlement holder's property interest with respect to a\n\nparticular financial asset under subsection (a) of this section may\n\nbe enforced against a purchaser of the financial asset or interest\n\ntherein only if:\n\n(1) insolvency proceedings have been initiated by or\n\nagainst the securities intermediary;\n\n(2) the securities intermediary does not have sufficient\n\ninterests in the financial asset to satisfy the\n\nsecurity entitlements of all of its entitlement\n\nholders to that financial asset;\n\n(3) the securities intermediary violated its obligations\n\nunder Section 8-504 of this title by transferring the\n\nfinancial asset or interest therein to the purchaser;\n\nand\n\n(4) the purchaser is not protected under subsection (e) of\n\nthis section.\n\nThe trustee or other liquidator, acting on behalf of all entitlement\n\nholders having security entitlements with respect to a particular\n\nfinancial asset, may recover the financial asset, or interest\n\ntherein, from the purchaser. If the trustee or other liquidator\n\nelects not to pursue that right, an entitlement holder whose\n\nsecurity entitlement remains unsatisfied has the right to recover\n\nits interest in the financial asset from the purchaser.\n\n(e) An action based on the entitlement holder's property\n\ninterest with respect to a particular financial asset under\n\nsubsection (a) of this section, whether framed in conversion,\n\nreplevin, constructive trust, equitable lien, or other theory, may\n\nnot be asserted against any purchaser of a financial asset or\n\ninterest therein who gives value, obtains control, and does not act\n\nin collusion with the securities intermediary in violating the\n\nsecurities intermediary's obligations under Section 8-504 of this\n\ntitle.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a4f49d4c0087f465bb4db7854ffe97f4d56aadfac3b4f79928b86db64e7e8ed7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-8-502","next":"us-ok/okla.-stat.-tit.-12a-12a-8-504"},"notice":"GroundRules: Original legal text. Not legal advice."}