(a) A person acquires a security or an interest therein, under this chapter, if:
(1) the person is a purchaser to whom a security is delivered pursuant to Section 36-8-301; or
(2) the person acquires a security entitlement to the security pursuant to Section 36-8-501.
(b) 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.
(c) A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5, 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 36-8-503.
(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 pursuant to subsection (a) or (b).
HISTORY: 1962 Code Section 10.8-104; 1966 (54) 2716; 1991 Act No. 161, Section 1; 2001 Act No. 67, Section 5.