Source: http://webserver.rilin.state.ri.us/Statutes/TITLE6A/6A-8/6A-8-510.HTM
Timestamp: 2017-11-24 16:52:18
Document Index: 41926527

Matched Legal Cases: ['ART 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6']

6A-8-510
PART 6A-8-501
SECTION 6A-8-510
§ 6A-8-510 Rights of purchaser of security entitlement from entitlement holder.
(a) In a case not covered by the priority rules in chapter 9 of this title or the rules stated in subsection (c), 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 therein, 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 § 6A-8-502, the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest therein, from the entitlement holder.
(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 § 6A-8-106(d)(1);
(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 § 6A-8-106(d)(2); or
(3) if the purchaser obtained control through another person under § 6A-8-106(d)(3), the time on which priority would be based under this subsection if the other person were the secured party.