§ 8-510. Rights of Purchaser of Security Entitlement from Entitlement Holder
Oklahoma Statutes AnnotatedTitle 12A. Commercial Code
12A Okl.St.Ann. § 8-510
§ 8-510. Rights of Purchaser of Security Entitlement from Entitlement Holder
Rights of Purchaser of Security Entitlement from Entitlement Holder.
(a) In a case not covered by the priority rules in Article 91 or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest therein, from an entitlement holder if the purchaser gave value, does not have notice of the adverse claim, and obtains control.
(c) In a case not covered by the priority rules in Article 9 of this code, a purchaser for value of a security entitlement, or an interest therein, who obtains control has priority over a purchaser of a security entitlement, or an interest therein, who does not obtain control. Except as otherwise provided in subsection (d) of this section, purchasers who have control rank according to priority in time of:
(2) the securities intermediary's agreement to comply with the purchaser's entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under paragraph (2) of subsection (d) of Section 8-106 of this title; or
Credits
Laws 1995, c. 242, § 50, eff. Feb. 1, 1996; Laws 2000, c. 371, § 166, eff. July 1, 2001.
Footnotes
Title 12A, § 1-9-101 et seq.
12A Okl. St. Ann. § 8-510, OK ST T. 12A § 8-510
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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