KS Stat § 84-8-102 (2021)
2021 Kansas Statutes|Chapter 84 - Uniform Commercial Code|Article 8 - Investment Securities|84-8-102 Definitions.

84-8-102. Definitions. (a) In this article:(1) "Adverse claim" means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer or deal with the financial asset.(2) "Bearer form," as applied to a certificated security, means a form in which the security is payable to the bearer of the security certificate according to its terms but not by reason of an indorsement.(3) "Broker" means a person defined as a broker or dealer under the federal securities laws, but without excluding a bank acting in that capacity.(4) "Certificated security" means a security that is represented by a certificate.(5) "Clearing corporation" means:(i) A person that is registered as a "clearing agency" under the federal securities laws;(ii) a federal reserve bank; or(iii) any other person that provides clearance or settlement services with respect to financial assets that would require it to register as a clearing agency under the federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including promulgation of rules, are subject to regulation by a federal or state governmental authority.(6) "Communicate" means to:(i) Send a signed writing; or(ii) transmit information by any mechanism agreed upon by the persons transmitting and receiving the information.(7) "Entitlement holder" means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. If a person acquires a security entitlement by virtue of subsection (b)(2) or (3) of K.S.A. 84-8-501, and amendments thereto, that person is the entitlement holder.(8) "Entitlement order" means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement.(9) "Financial asset," except as otherwise provided in K.S.A. 84-8-103, and amendments thereto, means:(i) A security;(ii) an obligation of a person or a share, participation, or other interest in a person or in property or an enterprise of a person, which is, or is of a type, dealt in or traded on financial markets, or which is recognized in any area in which it is issued or dealt in as a medium for investment; or(iii) any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this article.As context requires, the term means either the interest itself or the means by which a person's claim to it is evidenced, including a certificated or uncertificated security, a security certificate or a security entitlement.(10) Reserved.(11) "Indorsement" means a signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring or redeeming the security or granting a power to assign, transfer or redeem it.(12) "Instruction" means a notification communicated to the issuer of an uncertificated security which directs that the transfer of the security be registered or that the security be redeemed.(13) "Registered form," as applied to a certificated security, means a form in which:(i) The security certificate specifies a person entitled to the security; and(ii) a transfer of the security may be registered upon books maintained for that purpose by or on behalf of the issuer, or the security certificate so states.(14) "Securities intermediary" means:(i) A clearing corporation; or(ii) a person, including a bank or broker, that in the ordinary course of business maintains securities accounts for others and is acting in that capacity.(15) "Security," except as otherwise provided in K.S.A. 84-8-103, and amendments thereto, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer:(i) Which is represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;(ii) which is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and(iii) which:(A) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or(B) is a medium for investment and by its terms expressly provides that it is a security governed by this article.(16) "Security certificate" means a certificate representing a security.(17) "Security entitlement" means the rights and property interest of an entitlement holder with respect to a financial asset specified in K.S.A. 84-8-501 through 84-8-511, and amendments thereto.(18) "Uncertificated security" means a security that is not represented by a certificate.(b) Other definitions applying to this article and the sections in which they appear are:Appropriate person  84-8-107,  and amendments theretoControl  84-8-106,  and amendments theretoDelivery  84-8-301,  and amendments theretoInvestment company security  84-8-103,  and amendments theretoIssuer  84-8-201,  and amendments theretoOverissue  84-8-210,  and amendments theretoProtected purchaser  84-8-303,  and amendments theretoSecurities account  84-8-501,  and amendments thereto(c) In addition, article 1 of chapter 84 of the Kansas Statutes Annotated, and amendments thereto, contains general definitions and principles of construction and interpretation applicable throughout this article.(d) The characterization of a person, business or transaction for purposes of this article does not determine the characterization of the person, business or transaction for purposes of any other law, regulation or rule.History: L. 1996, ch. 202, § 29; L. 2007, ch. 89, § 47; July 1, 2008.