28-8-104 ACQUISITION OF SECURITY OR FINANCIAL ASSET OR INTEREST THEREIN.

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-104. Acquisition of security or financial asset or interest therein. (1) A person acquires a security or an interest therein, under this chapter, if:

(a) The person is a purchaser to whom a security is delivered pursuant to section 28-8-301; or

(b) The person acquires a security entitlement to the security pursuant to section 28-8-501.

(2) A person acquires a financial asset, other than a security, or an interest therein, under this chapter, if the person acquires a security entitlement to the financial asset.

(3) A person who acquires a security entitlement to a security or other financial asset has the rights specified in part 5 of this chapter, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in section 28-8-503.

(4) 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 pursuant to subsection (1) or (2) of this section.

History:

[28-8-104, added 1995, ch. 272, sec. 2, p. 877.]