Title 11, Chapter 8, Section 501
Securities account; acquisition of security entitlement from securities intermediary.
(a) "Securities account" means an account to which a financial asset
is or may be credited in accordance with an agreement under which
the person maintaining the account undertakes to treat the person
for whom the account is maintained as entitled to exercise the
rights that comprise the financial asset.
(b) Except as otherwise provided in subsections (d) and (e) of this
Code section, a person acquires a security entitlement if a
(1) Indicates by book entry that a financial asset has been
credited to the person's securities account;
(2) Receives a financial asset from the person or acquires a
financial asset for the person and, in either case, accepts it for
credit to the person's securities account; or
(3) Becomes obligated under other law, regulation, or rule to
credit a financial asset to the person's securities account.
(c) If a condition of subsection (b) of this Code section has been
met, a person has a security entitlement even though the securities
intermediary does not itself hold the financial asset.
(d) If a securities intermediary holds a financial asset for another
person, and the financial asset is registered in the name of,
payable to the order of, or specially indorsed to the other person,
and has not been indorsed to the securities intermediary or in
blank, the other person is treated as holding the financial asset
directly rather than as having a security entitlement with respect
to the financial asset.
(e) Issuance of a security is not establishment of a security