NY UCC § 8-106 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 8 - Investment Securities Part 1 - Short Title and General Matters 8-106 - Control.

Section 8--106. Control.  (a) A  purchaser  has  "control"  of a certificated security in bearer form if the certificated security is delivered to the purchaser.  (b) A purchaser has "control" of a certificated security in registered form if the certificated security is delivered to the purchaser, and:       (1) the certificate is indorsed to the purchaser or in  blank  by            an effective indorsement; or       (2) the  certificate  is 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 it 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 it 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 subsection (c) or (d) has  control  even  if  the  registered  owner  in  the  case  of subsection  (c)  or the entitlement holder in the case of subsection (d) 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 entitlement.  (g) An issuer or a securities  intermediary  may  not  enter  into  an agreement  of  the kind described in subsection (c)(2) or (d)(2) without the consent of the registered owner or entitlement holder, but an issuer or a securities intermediary is not  required  to  enter  into  such  an agreement  even  though  the  registered  owner or entitlement holder so directs. An issuer or securities intermediary that has entered into such 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.  (h) Under subsection (c)(2) or (d)(2), authentication of a record does not impose upon the issuer  or  securities  intermediary  any  duty  not expressly  agreed  to  by  the  issuer or securities intermediary in the record.  (i) A purchaser has "control" under subsection (c)(2) or  (d)(2)  even if  any duty of the issuer or the securities intermediary to comply with instructions or  entitlement  orders  originated  by  the  purchaser  is subject  to  any  condition or conditions (other than further consent by the registered owner or the entitlement holder).