Delivery of a certificated security to a purchaser occurs when:
Terms Used In Utah Code 70A-8-301
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. See Utah Code 70A-8-101
a person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity. See Utah Code 70A-8-101
Security: except as otherwise provided in Section 70A-8-102, 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 that:
(i)
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)
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)
(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 chapter. See Utah Code 70A-8-101
Security certificate: means a certificate representing a security. See Utah Code 70A-8-101
Uncertificated security: means a security that is not represented by a certificate. See Utah Code 70A-8-101
(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.
