Maine Revised Statutes Title 11 Sec. 8-1301 – Delivery
Current as of: 2023 | Check for updates
|
Other versions
(1). Delivery of a certificated security to a purchaser occurs when:
(a). The purchaser acquires possession of the security certificate; [PL 1997, c. 429, Pt. B, §2 (NEW).]
(b). Another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser; or [PL 1997, c. 429, Pt. B, §2 (NEW).]
(c). A securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and is:
(i) Registered in the name of the purchaser;
(ii) Payable to the order of the purchaser; or
(iii) Specially indorsed to the purchaser by an effective indorsement and has not been indorsed to the securities intermediary or in blank. [PL 1999, c. 699, Pt. B, §23 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]
[PL 1999, c. 699, Pt. B, §23 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).]
Terms Used In Maine Revised Statutes Title 11 Sec. 8-1301
- Indorsement: means a signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring or redeeming the security or granting a power to assign, transfer or redeem it. See Maine Revised Statutes Title 11 Sec. 8-1102
- Securities intermediary: means : (i) A clearing corporation; or(ii) A person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity. See Maine Revised Statutes Title 11 Sec. 8-1102
- Security: except as otherwise provided in section 8?1103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer:
(i) That is represented by a security certificate in bearer or registered form or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;(ii) That is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and(iii) That:(A) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or(B) Is a medium for investment and by its terms expressly provides that it is a security governed by this Article. See Maine Revised Statutes Title 11 Sec. 8-1102- Security certificate: means a certificate representing a security. See Maine Revised Statutes Title 11 Sec. 8-1102
- Uncertificated security: means a security that is not represented by a certificate. See Maine Revised Statutes Title 11 Sec. 8-1102
(2). Delivery of an uncertificated security to a purchaser occurs when:(a). The issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or [PL 1997, c. 429, Pt. B, §2 (NEW).](b). Another person, other than a securities intermediary, either becomes the registered owner of the uncertificated security on behalf of the purchaser or, having previously become the registered owner, acknowledges that it holds for the purchaser. [PL 1997, c. 429, Pt. B, §2 (NEW).][PL 1997, c. 429, Pt. B, §2 (NEW).]
SECTION HISTORYPL 1997, c. 429, §B2 (NEW). PL 1999, c. 699, §B23 (AMD). PL 1999, c. 699, §B28 (AFF). - Security: except as otherwise provided in section 8?1103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer: