§ 8102. Definitions
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial CodeEffective: June 16, 2008
Effective: June 16, 2008
13 Pa.C.S.A. § 8102
§ 8102. Definitions
“Adverse claim.” A claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer or deal with the financial asset.
“Bearer form.” As applied to a certificated security, a form in which the security is payable to the bearer of the security certificate according to its terms but not by reason of an indorsement.
“Broker.” A person defined as a broker or dealer under the Federal securities laws, but without excluding a bank acting in that capacity.
“Certificated security.” A security that is represented by a certificate.
“Clearing corporation.” “Clearing corporation” means:
(3) any other person that provides clearance or settlement services with respect to financial assets that would require it to register as a clearing agency under the Federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including promulgation of rules, are subject to regulation by a Federal or State governmental authority.
“Communicate.” “Communicate” means to:
“Entitlement holder.” A person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. If a person acquires a security entitlement by virtue of section 8501(b)(2) or (3) (relating to securities account; acquisition of security entitlement from securities intermediary), that person is the entitlement holder.
“Entitlement order.” A notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement.
“Financial asset.” Except as otherwise provided in section 8103 (relating to rules for determining whether certain obligations and interests are securities or financial assets):
(3) any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this division. As context requires, the term means either the interest itself or the means by which a person's claim to it is evidenced, including a certificated or uncertificated security, a security certificate or a security entitlement.
“Indorsement.” A signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring or redeeming the security or granting a power to assign, transfer or redeem it.
“Instruction.” A notification communicated to the issuer of an uncertificated security which directs that the transfer of the security be registered or that the security be redeemed.
“Registered form.” As applied to a certificated security, a form in which:
“Securities intermediary.” “Securities intermediary” means:
“Security.” Except as otherwise provided in section 8103 (relating to rules for determining whether certain obligations and interests are securities or financial assets), an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer:
“Security certificate.” A certificate representing a security.
“Security entitlement.” The rights and property interest of an entitlement holder with respect to a financial asset specified in Chapter 85 (relating to security entitlements).
“Uncertificated security.” A security that is not represented by a certificate.
“Appropriate person.” Section 8107.
“Control.” Section 8106.
“Delivery.” Section 8301.
“Investment company security.” Section 8103.
“Issuer.” Section 8201.
“Overissue.” Section 8210.
“Protected purchaser.” Section 8303.
“Securities account.” Section 8501.
Credits
1996, May 22, P.L. 248, No. 44, § 8, effective in 180 days. Amended 2001, June 8, P.L. 123, No. 18, § 14, effective July 1, 2001; 2008, April 16, P.L. 57, No. 13, § 14, effective in 60 days [June 16, 2008].
13 Pa.C.S.A. § 8102, PA ST 13 Pa.C.S.A. § 8102
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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