408.301(1)(c)2.

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2. Payable to the order of the purchaser; or

408.301(2)(a)

(a) The issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or

408.301(1)(c)3.

3. Specially endorsed to the purchaser by an effective endorsement and has not been endorsed to the securities intermediary or in blank.

408.301(2)

(2) Delivery of an uncertificated security to a purchaser occurs when:

408.301(1)

(1) Delivery of a certificated security to a purchaser occurs when:

408.301(1)(a)

(a) The purchaser acquires possession of the security certificate;

408.301(1)(c)1.

1. Registered in the name of the purchaser;

408.301(1)(b)

(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

408.301(1)(c)

(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:

408.301(2)(b)

(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.