- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 8. Investment Securities
- Section 510. Rights of Purchaser of Security Entitlement From Entitlement Holder.
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. Specification of Duties of Securities Intermediary By Other Statute, Regulation, or Rule; Manner of Performance of Duties of Securities Intermediary and Exercise of Rights of Entitlement Holder.
next: Section 511
. Priority Among Security Interests and Entitlement Holders.
AS 45.08.510. Rights of Purchaser of Security Entitlement From Entitlement Holder.
- (a) In a case not covered by the priority rules in AS 45.29 or the
rules stated in (c) of this section, 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 in a security entitlement, from an entitlement
holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control.
- (b) If an adverse claim could not have been asserted against an entitlement holder under AS 45.08.502
, the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest in a
security entitlement, from the entitlement holder.
- (c) In a case not covered by the priority rules in AS 45.29, a
purchaser for value of a security entitlement, or an interest in a security entitlement, who obtains control has
priority over a purchaser of a security entitlement, or an interest in a security entitlement, who does not obtain
control. Except as otherwise provided in (d) of this section, purchasers who have control rank according to priority in
- (1) the purchaser's becoming the person for whom the securities account, in which the security entitlement is carried is
maintained, if the purchaser obtained control under AS 45.08.106
- (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 AS 45.08.106
- (3) if the purchaser obtained control through another person under AS 45.08.106(d)(3), the time on which priority would be
based under this subsection if the other person were the secured party.
- (d) A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise
agreed by the securities intermediary.
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