California Commercial Code

§ 8501

COM § 8501 Effective Jan 1, 1997Div. 8 · Ch. 5

Statute text

(a)“Securities account” means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset.

(b)Except as otherwise provided in subdivisions (d) and (e), a person acquires a security entitlement if a securities intermediary does any of the following:

(1)Indicates by book entry that a financial asset has been credited to the person’s securities account.

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Legislative history

Added by Stats. 1996, Ch. 497, Sec. 9. Effective January 1, 1997.