Texas Business and Commerce Code

Sec. § 8.104
Acquisition of Security or Financial Asset or Interest Therein


(a)

A person acquires a security or an interest therein under this chapter if:

(1)

the person is a purchaser to whom a security is delivered pursuant to Section 8.301 (Delivery); or

(2)

the person acquires a security entitlement to the security pursuant to Section 8.501 (Securities Account; Acquisition of Security Entitlement From Securities Intermediary).

(b)

A person acquires a financial asset, other than a security, or an interest therein, under this chapter, 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 Subchapter E, 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 (Property Interest of Entitlement Holder in Financial Asset Held by Securities Intermediary).

(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).
Amended by Acts 1995, 74th Leg., ch. 962, Sec. 1, eff. Sept. 1, 1995.
Source

Last accessed
Jun. 7, 2021