2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 85 - Security Entitlements
Section 8510 - Rights of purchaser of security entitlement from entitlement holder

     § 8510.  Rights of purchaser of security entitlement from
                entitlement holder.
        (a)  Action based on adverse claim to financial asset or
     security entitlement.--In a case not covered by the priority
     rules in Division 9 (relating to secured transactions) or the
     rules stated in subsection (c), an action based on an adverse
     claim to a financial asset or security entitlement, whether
     framed in conversion, replevin, constructive trust, equitable
     lien or other theory, may not be asserted against a person who
     purchases a security entitlement, or an interest therein, from
     an entitlement holder if the purchaser gives value, does not
     have notice of the adverse claim and obtains control.
        (b)  When adverse claim cannot be asserted.--If an adverse
     claim could not have been asserted against an entitlement holder
     under section 8502 (relating to assertion of adverse claim
     against entitlement holder), the adverse claim cannot be
     asserted against a person who purchases a security entitlement,
     or an interest therein, from the entitlement holder.
        (c)  Rules of priority.--In a case not covered by the
     priority rules in Division 9, a purchaser for value of a
     security entitlement, or an interest therein, who obtains
     control has priority over a purchaser of a security entitlement,
     or an interest therein, who does not obtain control. Except as
     otherwise provided in subsection (d), purchasers who have
     control rank according to priority in time of:
            (1)  the purchaser's becoming the person for whom the
        securities account, in which the security entitlement is
        carried, is maintained if the purchaser obtained control
        under section 8106(d)(1) (relating to control);
            (2)  the securities intermediary's agreement to comply
        with the purchaser's entitlement orders with respect to
        security entitlements carried or to be carried in the
        securities account in which the security entitlement is
        carried if the purchaser obtained control under section
        8106(d)(2); or
            (3)  if the purchaser obtained control through another
        person under section 8106(d)(3), the time on which priority
        would be based under this subsection if the other person were
        the secured party.
        (d)  Securities intermediary.--A securities intermediary as
     purchaser has priority over a conflicting purchaser who has
     control unless otherwise agreed by the securities intermediary.
     (June 8, 2001, P.L.123, No.18, eff. July 1, 2001)