1993 Alaska Statutes
TITLE 45 TRADE AND COMMERCE
Chapter 45.08 INVESTMENT SECURITIES
Section 45.08.320 TRANSFER OR PLEDGE WITHIN CENTRAL DEPOSITORY SYSTEM.
(a) In addition to other methods, a transfer, pledge, or release of a security or any interest in a security may be made by appropriate entries on the books of a clearing corporation reducing the account of the transferor, pledgor, or pledgee and increasing the account of the transferee, pledgee, or pledgor by the amount of the obligation, or the number of shares or rights transferred, pledged, or released, if the security is shown on the account of a transferor, pledgor, or pledgee on the books of the clearing corporation; is subject to the control of the clearing corporation; and
(1) if certificated,
(A) is in the custody of the clearing corporation, another clearing corporation, a custodian bank, or a nominee of any of them; and
(B) is in bearer form or endorsed in blank by an appropriate person or registered in the name of the clearing corporation, a custodian bank, or a nominee of any of them; or
(2) if uncertificated, is registered in the name of the clearing corporation, another clearing corporation, a custodian bank, or a nominee of any of them.
(b) A transfer, pledge, or release of securities or interest in securities which are part of a fungible bulk may be made under this section by entries on the books of a clearing corporation merely by referring to a quantity of a particular security without reference to the name of the registered owner, certificate or bond number, or other factor serving to identify ownership of a particular portion of the total bulk of securities; and, in appropriate cases, may be on a net basis taking into account other transfers, pledges, or releases of the same security.
(c) A transfer or pledge under this section is effective (AS 45.08.313) and the purchaser acquires the rights of the transferor (AS 45.08.301). A pledge or release under this section is the transfer of a limited interest. If a pledge or the creation of a security interest is intended, the security interest is perfected at the time when both value is given by the pledgee and the appropriate entries are made (AS 45.08.321). A transferee or pledgee under this section may be a bona fide purchaser (AS 45.08.302 ).
(d) A transfer or pledge under this section is not a registration of transfer under AS 45.08.401 - 45.08.406.
(e) Failure to make appropriate entries on the books of the clearing corporation as provided in (a) of this section does not affect the validity or the effect of the entries nor does it affect the liabilities or obligations of the clearing corporation to any person adversely affected thereby.
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