440.8116 Securities intermediary as purchaser for value of financial asset; acquisition of security entitlement for value. Sec. 8116. 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. History: Add. 1998, Act 278, Imd. Eff. July 27, 1998
Michigan Legal Code