- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 8. Investment Securities
- Section 501. Acquisition of Security Entitlement From Securities Intermediary; Securities Account.
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. Statements of Uncertificated Securities. [Repealed, Sec. 68 Ch 17 SLA 1996].
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. Assertion of Adverse Claim Against Entitlement Holder.
AS 45.08.501. Acquisition of Security Entitlement From Securities Intermediary; Securities Account.
- (a) Except as otherwise provided in (b) and (c) of this section, a person acquires a security entitlement if a securities
- (1) indicates by book entry that a financial asset has been credited to the person's securities account;
- (2) receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts
the asset for credit to the person's securities account; or
- (3) becomes obligated under another law, regulation, or rule to credit a financial asset to the person's securities
- (b) If a condition of (a) of this section has been met, a person has a security entitlement even if the securities
intermediary does not itself hold the financial asset.
- (c) If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the
name of, payable to the order of, or specially endorsed to the other person, and has not been endorsed to the
securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as
having a security entitlement with respect to the financial asset.
- (d) Issuance of a security is not establishment of a security entitlement.
- (e) In this chapter, "securities account" means an account to which a financial asset is or may be credited in accordance
with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is
maintained as entitled to exercise the rights that comprise the financial asset.
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