§ 8-104. Acquisition of security or financial asset or interest therein

   (a) A person acquires a security or an interest in a security, under this title, if:

   (1) The person is a purchaser to whom a security is delivered in accordance with § 8-301 of this title; or

   (2) The person acquires a security entitlement to the security in accordance with § 8-501 of this title.

(b) A person acquires a financial asset, other than a security, or an interest in a financial asset, under this title, if the person acquires a security entitlement to the financial asset.

(c) A person who acquires a security entitlement to a security or other financial asset has the rights specified in Subtitle 5 of this title, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in § 8-503 of this title.

(d) Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule, or agreement to transfer, deliver, present, surrender, exchange, or otherwise put in the possession of another person a security or financial asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset in accordance with subsection (a) or (b) of this section.

HISTORY: 1996, ch. 92, § 2.