70A-8-103 - Acquisition of security or financial asset or interest therein.
70A-8-103. Acquisition of security or financial asset or interest therein.
(1) A person acquires a security or an interest therein, under this chapter, if:
(a) the person is a purchaser to whom a security is delivered pursuant to Section70A-8-301; or
(b) the person acquires a security entitlement to the security pursuant to Section70A-8-501.
(2) A person acquires a financial asset, other than a security, or an interest therein, underthis chapter, if the person acquires a security entitlement to the financial asset.
(3) A person who acquires a security entitlement to a security or other financial asset hasthe rights specified in Part 5, but is a purchaser of any security, security entitlement, or otherfinancial asset held by the securities intermediary only to the extent provided in Section70A-8-503.
(4) Unless the context shows that a different meaning is intended, a person who isrequired 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 assetsatisfies that requirement by causing the other person to acquire an interest in the security orfinancial asset pursuant to Subsection (1) or (2).
Repealed and Re-enacted by Chapter 204, 1996 General Session