30-8-331. Delivery. (1) Delivery of a certificated security to a purchaser occurs when:

(a)the purchaser acquires possession of the security certificate;

(b)another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser; or

(c)a securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and is:

(i)registered in the name of the purchaser;

(ii)payable to the order of the purchaser; or

(iii)specially indorsed to the purchaser by an effective indorsement and has not been indorsed to the securities intermediary or in blank.

(2)Delivery of an uncertificated security to a purchaser occurs when:

(a)the issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or

(b)another person, other than a securities intermediary, either becomes the registered owner of the uncertificated security on behalf of the purchaser or, having previously become the registered owner, acknowledges that it holds for the purchaser.