California Commercial Code 8116 – A securities intermediary that receives a financial asset and …
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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.
(Added by Stats. 1996, Ch. 497, Sec. 9. Effective January 1, 1997.)
Terms Used In California Commercial Code 8116
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Holder: means :
California Commercial Code 1201
- Purchaser: means a person that takes by purchase. See California Commercial Code 1201