Vermont § 106 - § 8—106.

§ 106. § 8—106.

• Control (a) A purchaser has “control” of a certificated security in bearer form if the certificated
  security is delivered to the purchaser. (b) A purchaser has “control” of a certificated security in registered form if the certificated
  security is delivered to the purchaser, and: (1) the certificate is indorsed to the purchaser or in blank by an effective indorsement;
  or (2) the certificate is registered in the name of the purchaser, upon original issue or
  registration of transfer by the issuer. (c) A purchaser has “control” of an uncertificated security if: (1) the uncertificated security is delivered to the purchaser; or (2) the issuer has agreed that it will comply with instructions originated by the purchaser
  without further consent by the registered owner. (d) A purchaser has “control” of a security entitlement if: (1) the purchaser becomes the entitlement holder; (2) the securities intermediary has agreed that it will comply with entitlement orders
  originated by the purchaser without further consent by the entitlement holder; or (3) another person, other than the transferor to the purchaser of an interest in the security
  entitlement: (A) has control of the security entitlement and acknowledges that it has control on behalf
  of the purchaser; or (B) obtains control of the security entitlement after having acknowledged that it will
  obtain control of the security entitlement on behalf of the purchaser. (e) If an interest in a security entitlement is granted by the entitlement holder to the
  entitlement holder’s own securities intermediary, the securities intermediary has
  control. (f) A purchaser who has satisfied the requirements of subsection (c) or (d) of this section
  has control, even if the registered owner in the case of subsection (c) of this section
  or the entitlement holder in the case of subsection (d) of this section retains the
  right to make substitutions for the uncertificated security or security entitlement,
  to originate instructions or entitlement orders to the issuer or securities intermediary,
  or otherwise to deal with the uncertificated security or security entitlement. (g) An issuer or a securities intermediary may not enter into an agreement of the kind
  described in subdivision (c)(2) or (d)(2) of this section without the consent of the
  registered owner or entitlement holder, but an issuer or a securities intermediary
  is not required to enter into such an agreement even though the registered owner or
  entitlement holder so directs. An issuer or securities intermediary that has entered
  into such an agreement is not required to confirm the existence of the agreement to
  another party unless requested to do so by the registered owner or entitlement holder. (h) A person that has control under this section is not required to acknowledge that it
  has control on behalf of a purchaser. (i) If a person acknowledges that it has or will obtain control on behalf of a purchaser,
  unless the person otherwise agrees or law other than this article or Article 9 otherwise
  provides, the person does not owe any duty to the purchaser and is not required to
  confirm the acknowledgment to any other person. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997; amended 1999, No. 106 (Adj. Sess.), § 18, eff. July 1, 2001; 2025, No. 17, § 8, eff. July 1, 2025.)