Ohio § 1308.53

§ 1308.53.

(A) To the extent necessary for a securities intermediary to satisfy all security entitlements

with respect to a particular financial asset, all interests in that financial asset

held by the securities intermediary are held by the securities intermediary for the

entitlement holders, are not property of the securities intermediary, and are not

subject to claims of creditors of the securities intermediary, except as otherwise

provided in section 1308.61 of the Revised Code . (B) An entitlement holder's property interest with respect to a particular financial

asset under division (A) of this section is a pro rata property interest in all interests

in that financial asset held by the securities intermediary, without regard to the

time the entitlement holder acquired the security entitlement or the time the securities

intermediary acquired the interest in that financial asset. (C) An entitlement holder's property interest with respect to a particular financial

asset under division (A) of this section may be enforced against the securities intermediary

only by exercise of the entitlement holder's rights under sections 1308.55 to 1308.58 of the Revised Code . (D) An entitlement holder's property interest with respect to a particular financial

asset under division (A) of this section may be enforced against a purchaser of the

financial asset or interest therein only if: (1) Insolvency proceedings have been initiated by or against the securities intermediary; (2) The securities intermediary does not have sufficient interests in the financial asset

to satisfy the security entitlements of all of its entitlement holders to that financial

asset; (3) The securities intermediary violated its obligations under section 1308.54 of the Revised Code by transferring the financial asset or interest therein to the purchaser;  and (4) The purchaser is not protected under division (E) of this section.  The trustee or other liquidator, acting on behalf of all entitlement holders having

security entitlements with respect to a particular financial asset, may recover the

financial asset, or interest therein, from the purchaser.  If the trustee or other liquidator elects not to pursue that right, an entitlement

holder whose security entitlement remains unsatisfied has the right to recover its

interest in the financial asset from the purchaser. (E) An action based on the entitlement holder's property interest with respect to a particular

financial asset under division (A) of this section, whether framed in conversion,

replevin, constructive trust, equitable lien, or other theory, may not be asserted

against any purchaser of a financial asset or interest therein who gives value, obtains

control, and does not act in collusion with the securities intermediary in violating

the securities intermediary's obligations under section 1308.54 of the Revised Code .