NY UCC § 8-503 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 8 - Investment Securities Part 4 - Registration 8-503 - Property Interest of Entitlement Holder in Financial Asset Held by Securities Intermediary.

Section 8--503. Property  Interest  of  Entitlement  Holder in Financial                   Asset held by Securities Intermediary.  (a) To the extent necessary for a securities intermediary  to  satisfy all  security entitlements with respect to a particular financial asset, all  interests  in  that  financial  asset  held   by   the   securities intermediary are held by the securities intermediary for the entitlement holders,  are  not  property of the securities intermediary, and are not subject to claims of creditors of the securities intermediary, except as otherwise provided in Section 8--511.  (b) An entitlement  holder's  property  interest  with  respect  to  a particular  financial  asset under subsection (a) is a pro rata property interest in all interests in that financial asset held by the securities intermediary, without regard to the time the entitlement holder acquired the  security  entitlement  or  the  time  the  securities  intermediary acquired the interest in that financial asset.  (c) An  entitlement  holder's  property  interest  with  respect  to a particular financial asset under subsection (a) may be enforced  against the securities intermediary only by exercise of the entitlement holder's rights under Sections 8--505 through 8--508.  (d) An  entitlement  holder's  property  interest  with  respect  to a particular financial asset under subsection (a) may be enforced  against a purchaser of the financial asset or interest therein only if:       (1) insolvency  proceedings have been initiated by or against the            securities intermediary;       (2) the  securities  intermediary  does   not   have   sufficient            interests  in  the  financial  asset  to satisfy the security            entitlements of  all  of  its  entitlement  holders  to  that            financial asset;       (3) the  securities  intermediary  violated its obligations under            Section  8--504  by  transferring  the  financial  asset   or            interest therein to the purchaser; and       (4) the  purchaser  is  not  protected  under subsection (e). The            trustee  or  other  liquidator,  acting  on  behalf  of   all            entitlement holders having security entitlements with respect            to  a  particular  financial asset, may recover the financial            asset, or  interest  therein,  from  the  purchaser.  If  the            trustee  or other liquidator elects not to pursue that right,            an entitlement  holder  whose  security  entitlement  remains            unsatisfied  has  the  right  to  recover its interest in the            financial asset from the purchaser.  (e) An action based on the entitlement holder's property interest with respect to a particular financial asset under  subsection  (a),  whether framed  in  conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against any purchaser of  a  financial asset or interest therein who gives value, obtains control, and does not act  in  collusion  with  the  securities  intermediary in violating the securities intermediary's obligations under Section 8--504.