Commercial Code section 8104
(a)
A person acquires a security or an interest therein, under this division, if either of the following applies:(1)
The person is a purchaser to whom a security is delivered pursuant to Section 8301; or(2)
The person acquires a security entitlement to the security pursuant to Section 8501.(b)
A person acquires a financial asset, other than a security, or an interest therein, under this division, if the person acquires a security entitlement to the financial asset.(c)
A person who acquires a security entitlement to a security or other financial asset has the rights specified in Chapter 5 (commencing with Section 8501), but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in Section 8503.(d)
Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule, or agreement to transfer, deliver, present, surrender, exchange, or otherwise put in the possession of another person a security or financial asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subdivision (a) or (b).
Source:
Section 8104, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=COM§ionNum=8104. (accessed Jun. 2, 2025).