§8-1301. Delivery

Link to law: http://legislature.maine.gov/legis/statutes/11/title11sec8-1301.html
Published: 2015

§8-1301. Delivery








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





(a). The purchaser acquires possession of the security certificate; [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 [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. [1999, c. 699, Pt. B, §23 (AMD); 1999, c. 699, Pt. B, §28 (AFF).]











[
1999, c. 699, Pt. B, §23 (AMD);
1999, c. 699, Pt. B, §28 (AFF)
.]








(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 [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. [1997, c. 429, Pt. B, §2 (NEW).]







[
1997, c. 429, Pt. B, §2 (NEW)
.]





SECTION HISTORY

1997, c. 429, §B2 (NEW).
1999, c. 699, §B23 (AMD).
1999, c. 699, §B28 (AFF).
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