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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

008

:
Investment Securities











 

§

8-301. Delivery

(a) Delivery of

a certificated security to a purchaser occurs when:

(1) the

purchaser acquires possession of the security certificate;

(2) 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

(3) 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.

(b) Delivery of

an uncertificated security to a purchaser occurs when:

(1) the issuer

registers the purchaser as the registered owner, upon original issue or

registration of transfer; or

(2) 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. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997; amended

1999, No. 106 (Adj. Sess.), § 20, eff. July 1, 2001.)