1.    Delivery of a certificated security to a purchaser occurs when:

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a.    The purchaser acquires possession of the security certificate; 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

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:

(1) Registered in the name of the purchaser; (2) Payable to the order of the purchaser; or

(3) Specially indorsed to the purchaser by an effective indorsement and has not been indorsed to the securities intermediary or in blank.

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

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.