2020 Code of Alabama
Title 7 - Commercial Code.
Article 8 - Investment Securities.
Part 1 - Short Title and General Matters.
Section 7-8-116 - Securities Intermediary as Purchaser for Value.
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 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.
(Acts 1996, No. 96-742, p. 1241, §1.)