- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 8. Investment Securities
- Section 106. Control.
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. Notice of Adverse Claim.
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. Whether Endorsement, Instruction, or Entitlement Order is Effective.
AS 45.08.106. Control.
- (a) A purchaser has control of a certificated security in bearer form if the certificated security is delivered to the
- (b) A purchaser has control of a certificated security in registered form if the certificated security is delivered to the
purchaser, and the certificate is
- (1) endorsed to the purchaser or in blank by an effective endorsement; or
- (2) registered in the name of the purchaser, upon original issue or registration of transfer by the issuer.
- (c) A purchaser has control of an uncertificated security if
- (1) the uncertificated security is delivered to the purchaser; or
- (2) the issuer has agreed that the issuer will comply with instructions originated by the purchaser without further
consent by the registered owner.
- (d) A purchaser has control of a security entitlement if
- (1) the purchaser becomes the entitlement holder;
- (2) the securities intermediary has agreed that the securities intermediary will comply with entitlement orders originated
by the purchaser without further consent by the entitlement holder; or
- (3) another person has control of the security entitlement on behalf of the purchaser or, having previously acquired
control of the security entitlement, acknowledges that it has control on behalf of the purchaser.
- (e) If an interest in a security entitlement is granted by the entitlement holder to the entitlement holder's own
securities intermediary, the securities intermediary has control.
- (f) A purchaser who has satisfied the requirements of (c) or (d) of this section has control even if the registered owner
in the case of (c) of this section or the entitlement holder in the case of (d) of this section retains the right to
make substitutions for the uncertificated security or security entitlement, to originate instructions or entitlement
orders to the issuer or securities intermediary, or otherwise to deal with the uncertificated security or security
- (g) An issuer or a securities intermediary may not enter into an agreement described in (c)(2) or (d)(2) of this section
without the consent of the registered owner or entitlement holder, but an issuer or a securities intermediary is not
required to enter into an agreement even though the registered owner or entitlement holder directs the issuer or
securities intermediary to enter into the agreement. An issuer or securities intermediary that has entered into an
agreement is not required to confirm the existence of the agreement to another party unless requested to do so by the
registered owner or entitlement holder. In this subsection, "agreement" means an agreement described in (c)(2) or
(d)(2) of this section.
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