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.­ (updated Jan. 1, 1997; accessed Jun. 25, 2025).

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Verified:
Jun. 25, 2025

§ 8104's source at ca​.gov