(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:

         1.    Registered in the name of the purchaser;

         2.    Payable to the order of the purchaser; or

         3.    Specially endorsed to the purchaser by an effective endorsement and has not been endorsed 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.