§ 355-8-116

355.8 -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 en titlement 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 entit lement holder. Effective: January 1, 1997 History: Created 1996 Ky. Acts ch. 130, sec. 129, effective January 1, 1997.