Illinois § 8-104

§ 8-104.

Acquisition of security or financial asset or interest therein. (a) A person acquires a security or an interest therein, under this Article, if: (1) the person is a purchaser to whom a security is delivered pursuant to Section 8-301; or (2) the person acquires a security entitlement to the security pursuant to Section 8-501. (b) A person acquires a financial asset, other than a security, or an interest therein, under this Article, if the person acquires a security entitlement to the financial asset. (c) A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in Section 8-503. (d) Unless the context shows that a different meaning is intended, a person who is required 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 asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection (a) or (b). (Source: P.A. 89-364, eff. 1-1-96.)