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State Codes, Constitutions, Court Rules & ALS, Combined
FILE-NAME: ALLCDE
COVERAGE: Varies with each jurisdiction.
FREQUENCY: Varies by source, see individual source descriptions.
CONTENT-SUMMARY:
The State Codes, Constitutions, Court Rules & ALS, Combined (ALLCDE) group file contains the statutory codes, state constitutions, court rules and current year slip laws (advance legislative service), as applicable, from the 50 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands.
COMPLETE FILE:
AK - Alaska Advance Legislative Service
AK - Alaska Constitution
AK - Alaska Criminal and Traffic Statutes
AK - Alaska State & Federal Court Rules
AK - Alaska Statutes
AL - Alabama Advance Legislative Service
AL - Alabama Constitution
AL - Alabama State & Federal Court Rules
AL - Code of Alabama
AR - Arkansas Advance Legislative Service
AR - Arkansas Code Annotated
AR - Arkansas Constitution
AR - Arkansas State & Federal Court Rules
AZ - Arizona Advance Legislative Service
AZ - Arizona Constitution
AZ - Arizona Revised Statutes Annotated
AZ - Arizona State & Federal Court Rules
CA - California Advance Legislative Service
CA - California Constitution
CA - California State & Federal Court Rules
CA - Deering's California Codes Annotated
CO - Colorado Advance Legislative Service
CO - Colorado Constitution
CO - Colorado Revised Statutes Annotated
CO - Colorado State & Federal Court Rules
CT - Connecticut Advance Legislative Service
CT - Connecticut Constitution
CT - Connecticut State & Federal Court Rules
CT - LexisNexis Connecticut Annotated Statutes
DC - District of Columbia Advance Legislative Service
DC - District of Columbia Code Annotated
DC - District of Columbia State & Federal Court Rules
DE - Delaware Advance Legislative Service
DE - Delaware Code Annotated
DE - Delaware Constitution
DE - Delaware State & Federal Court Rules
FL - Florida Advance Legislative Service
FL - Florida Constitution
FL - Florida State & Federal Court Rules
FL - LexisNexis Florida Annotated Statutes
GA - Georgia Advance Legislative Service
GA - Georgia Constitution
GA - Georgia State & Federal Court Rules
GA - Official Code of Georgia Annotated
GA - Official Code of Georgia Unannotated
GU - Guam Code Annotated
HI - Hawaii Advance Legislative Service
HI - Hawaii Constitution
HI - Hawaii Revised Statutes Annotated
HI - Hawaii State & Federal Court Rules
IA - Iowa Advance Legislative Service
IA - Iowa State & Federal Court Rules
IA - LexisNexis Iowa Annotated Constitution
IA - LexisNexis Iowa Annotated Statutes
ID - Idaho Advance Legislative Service
ID - Idaho Code Annotated
ID - Idaho Constitution
ID - Idaho State & Federal Court Rules
IL - Illinois Advance Legislative Service
IL - Illinois Compiled Statutes Annotated
IL - Illinois Constitution
IL - Illinois State & Federal Court Rules
IN - Burns Indiana Statutes Annotated
IN - Indiana Advance Legislative Service
IN - Indiana Constitution
IN - Indiana State & Federal Court Rules
KS - Kansas Advance Legislative Service
KS - Kansas State & Federal Court Rules
KS - LexisNexis Kansas Annotated Constitution
KS - LexisNexis Kansas Annotated Statutes
KY - Kentucky Advance Legislative Service
KY - Kentucky Constitution
KY - Kentucky State & Federal Court Rules
KY - Michie's Kentucky Revised Statutes Annotated
LA - LexisNexis Louisiana Annotated Statutes
LA - LexisNexis Louisiana Annotated Statutes - Louisiana Constitution
LA - Louisiana Advance Legislative Service
LA - Louisiana State & Federal Court Rules
MA - Annotated Laws of Massachusetts
MA - Massachusetts Advance Legislative Service
MA - Massachusetts Constitution
MA - Massachusetts State & Federal Court Rules
MD - Annotated Code of Maryland
MD - Maryland Advance Legislative Service
MD - Maryland Constitution
MD - Maryland State & Federal Court Rules
ME - Maine Advance Legislative Service
ME - Maine Constitution Annotated by LexisNexis
ME - Maine Revised Statutes Annotated by LexisNexis
ME - Maine State & Federal Court Rules
MI - Michigan Advance Legislative Service
MI - Michigan Compiled Laws Service
MI - Michigan Constitution
MI - Michigan State & Federal Court Rules
MN - LexisNexis Minnesota Annotated Constitution
MN - LexisNexis Minnesota Annotated Statutes
MN - Minnesota Advance Legislative Service
MN - Minnesota State & Federal Court Rules
MO - LexisNexis Missouri Annotated Constitution
MO - LexisNexis Missouri Annotated Statutes
MO - Missouri Advance Legislative Service
MO - Missouri Court Forms
MO - Missouri State & Federal Court Rules
MS - Mississippi Advance Legislative Service
MS - Mississippi Code of 1972 Annotated
MS - Mississippi Constitution
MS - Mississippi State & Federal Court Rules
MT - LexisNexis Montana Code Annotated
MT - LexisNexis Montana Constitution Annotated
MT - Montana Advance Legislative Service
MT - Montana State & Federal Court Rules
NC - General Statutes of North Carolina Annotated
NC - North Carolina Advance Legislative Service
NC - North Carolina Constitution
NC - North Carolina State & Federal Court Rules
ND - North Dakota Advance Legislative Service
ND - North Dakota Century Code
ND - North Dakota Constitution
ND - North Dakota State & Federal Court Rules
NE - Nebraska Advance Legislative Service
NE - Nebraska Constitution
NE - Nebraska State & Federal Court Rules
NE - Revised Statutes of Nebraska Annotated
NH - LEXIS New Hampshire Revised Statutes Annotated
NH - New Hampshire Advance Legislative Service
NH - New Hampshire Constitution
NH - New Hampshire State & Federal Court Rules
NJ - LexisNexis New Jersey Annotated Statutes
NJ - New Jersey Advance Legislative Service
NJ - New Jersey Constitution
NJ - New Jersey State & Federal Court Rules
NM - Michie's Annotated State & Federal Court Rules Of New Mexico
NM - Michie's Annotated Statutes Of New Mexico
NM - New Mexico Advance Legislative Service
NM - New Mexico Constitution
NV - Nevada Advance Legislative Service
NV - Nevada Constitution
NV - Nevada Revised Statutes Annotated
NV - Nevada State & Federal Court Rules
NY - New York Advance Legislative Service
NY - New York Consolidated Laws Service
NY - New York Constitution
NY - New York State & Federal Court Rules
OH - Ohio Advance Legislative Service
OH - Ohio Constitution
OH - Ohio State & Federal Court Rules
OH - Page's Ohio Revised Code Annotated
OK - Oklahoma Advance Legislative Service
OK - Oklahoma Constitution Annotated by LexisNexis
OK - Oklahoma State & Federal Court Rules
OK - Oklahoma Statutes Annotated by LexisNexis
OR - LexisNexis Oregon Annotated Constitution
OR - LexisNexis Oregon Annotated Statutes
OR - Oregon Advance Legislative Service
OR - Oregon State & Federal Court Rules
PA - Pennsylvania Advance Legislative Service
PA - Pennsylvania Constitution
PA - Pennsylvania Local Rules of Court
PA - Pennsylvania State & Federal Court Rules
PA - Pennsylvania Statutes, Annotated by LexisNexis
PR - Constitution of Puerto Rico
PR - Laws of Puerto Rico Annotated
PR - Puerto Rico Advance Legislative Service
Rhode Island forms, motions and summons from RI Court Rules
RI - General Laws of Rhode Island
RI - Rhode Island Advance Legislative Service
RI - Rhode Island Constitution
RI - Rhode Island State & Federal Court Rules
SC - South Carolina Advance Legislative Service
SC - South Carolina Code of Laws Annotated by LexisNexis
SC - South Carolina Constitution Annotated by LexisNexis
SC - South Carolina State & Federal Court Rules
SD - LexisNexis South Dakota Codified Laws Annotated
SD - LexisNexis South Dakota Constitution Annotated
SD - South Dakota Advance Legislative Service
SD - South Dakota State & Federal Court Rules
TN - Tennessee Advance Legislative Service
TN - Tennessee Code Annotated
TN - Tennessee Constitution
TN - Tennessee State & Federal Court Rules
TX - Texas Advance Legislative Service
TX - Texas Constitution
TX - Texas State & Federal Court Rules
TX - Texas Statutes & Codes Annotated by LexisNexis
UT - Utah Advance Legislative Service
UT - Utah Code Annotated
UT - Utah Constitution
UT - Utah State & Federal Court Rules
VA - Code of Virginia
VA - VA Legislative Summaries
VA - Virginia Advance Legislative Service
VA - Virginia Constitution
VA - Virginia State & Federal Court Rules
VI - Virgin Islands Advance Legislative Service
VI - Virgin Islands Code Annotated
VI - Virgin Islands Revised Organic Act of 1954
VT - Vermont Advance Legislative Service
VT - Vermont Constitution
VT - Vermont State & Federal Court Rules
VT - Vermont Statutes Annotated
WA - Annotated Revised Code of Washington
WA - Washington Advance Legislative Service
WA - Washington Constitution
WA - Washington State & Federal Court Rules
WI - LexisNexis Wisconsin Annotated Constitution
WI - LexisNexis Wisconsin Annotated Statutes
WI - Wisconsin Advance Legislative Service
WI - Wisconsin State & Federal Court Rules
WV - West Virginia Advance Legislative Service
WV - West Virginia Code
WV - West Virginia Constitution
WV - West Virginia State & Federal Court Rules
WY - Wyoming Advance Legislative Service
WY - Wyoming Constitution
WY - Wyoming State & Federal Court Rules
WY - Wyoming Statutes Annotated
SPECIAL-CHAR:
Information (enclosed in asterisks) regarding the currentness of a section
is an editorial enhancement provided by the LEXIS service. The date
indicates the most recent update to the statutes or constitution.
The UNANNO segment allows you to search, display or print a code or
constitution document without the annotations. This only applys to
statutory codes that are annotated (See list below).
Search Example: unanno(drinking w/15 water)
Display Example: .se;unanno
Print Example: .pa;.se;unanno
The CASENOTES segment allows you to search, display, or print just the
annotations of judicial decisions. This only applies to statutory codes
that are annotated (See list below).
Search Example: casenotes(inva! w/5 privacy)
Display Example: .se;casenotes
Print Example: .pa;.se;casenotes
DOC-DESCRIPTION:
A document is defined as a section of the statutes, a section of an article
of the constitution, a court rule or a slip law from the session. Code,
Constitution and Rule documents may also include annotations of court
decisions, cross references and editorial notes.
DISPLAY-SEQUENCE:
- All documents display in numerical (book) order.
- Documents display in alphabetical order by jurisdiction.
- Within a jurisdiction documents display:
1st: Statutory Code
2nd: Constitution
3rd: Court Rules (if available)
4th: Advance Legislative Service (slip laws)
USE-TIPS:
***** RETRIEVING A SINGLE DOCUMENT *****
If you the know the cite of a code section you can use the LEXSTAT service
to quickly and cost effectively display the full text of the section
without having to select a library and file or create a new search. To use
the LEXSTAT service, type lexstat followed by the citation of the section
you wish to view.
For HELP during LXSTAT enter H, then the state postal code.
If you know the chapter or bill number and year of the session in which the
chapter or bill was enacted, then you can use the LEXSEE service to quickly
and cost effectively display the full text of the document without having
to select a library and file or create a new search. To use the LEXSEE
service, type LEXSEE followed by the year of the session, the state name,
document type and document number.
STATE LEXSTAT FORMAT LEXSEE FORMAT
Alabama * al code 12-14-70 1993 al public act 911
Alaska * ak code 09.20.010 1993 ak als 20
Arizona * az code 36-2152 1993 az ch 259
Arkansas * ar code 9-12-309 1993 ar act 100
California * ca gov code 20022 1993 ca ch 500
Colorado * co code 12-47-105 1993 co sb 114
Connecticut * ct code 5-275 1993 ct pa 28
Delaware * 31 de code 309 1993 de pa 68
D.C. * dc code 6-3401 1993 dc act 74
Florida * fl code 520.74 1993 fl als 424
Georgia * ga code 19-2.1 1993 ga act 616
Hawaii * hi code 91-14 1993 hi act 365
Idaho * id code 9-203 1993 id ch 416
Illinois * 625 il code 5/6-601 1993 il pa 525
Indiana * in code 4-3-13-6 1993 in pl 276
Iowa ia code 422.12 1993 ia sf 425
Kansas * ks code 60-2414 1993 ks ch 302
Kentucky * ky code 158.035 1992 ky ch 50
Louisiana * + la code 17:283 1993 la act 999
Maine + 25 me code 2003 1993 me ch 481
Maryland * md rp code 8a-201 1993 md ch 99
Massachusetts * md code ch 209a @ 3 1993 ma ch 110
Michigan * mi code 287.706 1993 mi pa 1
Minnesota * mn code 120.062 1993 mn ch 356
Mississippi * ms code 43-21-105 1993 ms ch 302
Missouri * mo code 197.200 1993 mo sb 395
Montana * mt code 33-31-301 1993 mt ch 67
Nebraska * ne code 30-2806 1993 ne lb 583
Nevada * nv code 268.096 1993 nv ch 669
New Hampshire * nh code 188-e:5 1993 nh ch 361
New Jersey * nj code 54a:2-1 1993 nj ch 6
New Mexico * nm code 61-6-1 1993 nm ch 91
New York * ny gen mun code 370 1993 ny ch 99
North Carolina * nc code 105-273 1993 nc ch 3
North Dakota * nd code 2-02-06 1993 nd sb 2443
Ohio * oh code 4582.30 1993 oh sb 36
Oklahoma * + 43a ok code 3-302 1993 ok sb 92
Oregon * or code 1.001 1993 or ch 511
Pennsylvania * + 18 pa code 3204 1993 pa act 2
Puerto Rico * 27 pr code 1101 1992 pr act 10
Rhode Island * ri code 3-5-11 1993 ri pub laws 100
South Dakota * sd code 42-7-48 1993 sd sb 156
Tennessee * tn code 56-25-1601 1993 tn pub act 34
Texas * + tx fam code 3.581 1993 tx ch 45
Utah * ut code 26-25a-101 1993 ut ch 10
Vermont * 22 vt code 454 1993 vt act 10
Virginia * va code 8.01-229 1993 va ch 33
Virgin Islands * 16 vi code 91 1993 vi act 5887
Washington * wa code 13.32a.020 1993 wa ch 32
West Virginia * wv code 46a-2-128 1993 wv ch 25
Wisconsin * wi code 77.67 1993 wi act 39
Wyoming * wy code 31-2-205 1993 wy ch 27
United States * 5 uscs 5901 103 pl 159
---------------------------------------------------------------
States marked with an * are annotated codes.
The statutes of the states marked with a + (Louisiana, Maine, Oklahoma,
Pennsylvania & Texas) have been added to the LEXIS service by
LEXIS-NEXIS, and are being made available under license from
West Publishing Company.
---------------------------------------------------------------
UCC Formats for the LEXSTAT(R) feature
The following is a list of the formats that may be used to
retrieve each state's version of a particular UCC section through the LEXSTAT
feature:
For example, to use the LEXSTAT feature to retrieve UCC Article
2, Section 403:
The Uniform Commercial Code Reporting Service, Clark Boardman
Callaghan:
lexstat ucc 2-403
Alabama:
lexstat al code 7-2-403
California:
lexstat cal ucc 2403
Illinois:
lexstat 810 ILCS 5/2-403
Pennsylvania:
lexstat 13 pa code 2403
Alabama al code 7-x-xxx
Alaska ak code 45.0x.xxx
Arizona *section numbers do not correspond, consult the
AZTOC file in the ARIZ library*
Arkansas ar code 4-x-xxx
California cal u com code xxxx
Colorado co code 4-x-xxx
Connecticut ct code 42a-x-xxx
Delaware 6 de code x-xxx
Florida fl code 67x.xxx
Georgia ga code 11-x-xxx
Hawaii hi code 490:x-xxx
Idaho id code 28-x-xxx
Illinois 810 ILCS 5/x-xxx, (formerly,ill rev stat ch 26 par. x-xxx
Indiana in code 26-1-x-xxx
Iowa ia code 554.xxxx
Kansas ka code 84-x-xxx
Kentucky ky code 355.x-xxx
Louisiana la code 10:x-xxx
Maine 11 me code x-xxx
Maryland md ucc x-xxx
Massachusetts ma code ch 106 x-xxx
Michigan mcl 440.xxxx msa 19.xxxx
Minnesota mn code 336.x-xxx
Mississippi ms code 75-x-xxx
Missouri mo code400.x-xxx
Montana mt code 30-x-xxx
Nebraska ne ucc x-xxx
Nevada nv code 104.xxxx
New Hampshire nh code 382-a: x-xxx
New Jersey nj code 12a: x-xxx
New Mexico nm code 55-x-xxx
New York ny ucc x-xxx
North Carolina nc code 25-x-xxx
North Dakota *section numbers do not correspond, consult the
NDTOC file in the ND library*
Ohio *section numbers do not correspond, consult the
OHTOC file in the OHIO library**
Oklahoma 12a ok code x-xxx
Oregon *section numbers do not correspond, consult the
ORTOC file in the ORE library**
Pennsylvania 13 pa code xxxx
Rhode Island ri code 6a-x-xxx
South Dakota sd code 57a-x-xxx
Tennessee tn code 47-x-xxx
Texas tex bus & com code x.xxx
Utah ut code 70a-x-xxx
Vermont 9a vt code x-xxx
Virginia va code 8.x-xxx
Washington wa code 62a.x-xxx
West Virginia wv code 46-x-xxx
Wisconsin ws code 40x.xxx
Wyoming wy code 34.1-x xxx
D.C. dc code 28:x-xxx
***** THE STATUS SEGMENT *****
A statute section affected by newly enacted legislation that has not yet
been incorporated into the code contains a STATUS segment. This segment
cites the chapter in the Advance Legislative Service (ALS) that affects the
code section. <LINK> markers are available to quickly take you to the
affecting language.
***** STATUTE BROWSING *****
You can expand the coverage of your search or LEXSTAT results with the
BROWSE feature. This feature allows you to view sequentially related code
sections while retaining your search results. (This feature is not
available for Constitution, Court Rules and ALS documents.)
To access the browse mode enter the letter B. Use the Previous Document
(.pd) or Next Document (.nd) keys to browse the sections. To exit the
browse mode enter the letter B again.
***** CUSTOM FILE SELECTION *****
The CODES library offers a Custom File Section feature that allows you to
select and combine other statutory and administrative materials for group
file searching. Once you select the CODES library, enter the file names,
separated by commas.
Examples:
To search the federal code along with the statutes of all 50 states, D.C.,
Puerto Rico and the Virgin Islands
enter: uscode, allcde
To search the statutes of all 50 states, D.C., Puerto Rico and the
Virgin Islands plus all slip laws and pending legislation
enter: allcde, allals, sttrck, sttext
***** RELATED STATUTORY & ADMINISTRATIVE MATERIALS *****
STATUTES ARCHIVE (Selected Coverage)
A statutes archive for most codes is available in the CODES library. Once
a specific state archive has been selected, a document automatically
displays that provides <LINK> markers allowing you to select the year(s) of
the code you want to search.
BILL TRACKING (50 State Coverage)
The bill tracking files allow you to monitor the status of proposed
legislation within a state. The file contains a document for each bill
introduced in the current session of the legislature and provides a
chronology of the bill's activity. A synopsis of the bill is also provided
in the document.
BILL TEXT (50 State Coverage)
The bill text files contains the full text of all published versions of
bills pending in a state legislature. With this file you can review the
full text of proposed legislation as it makes its way through the
legislature.
ADMINISTRATIVE CODE (Selected Coverage)
The administrative code files contain the full text of the rules and
regulations of the state regulatory agencies.
REGULATION TRACKING (50 State Coverage)
The regulation tracking files track pending regulation as promulgated by
the various agencies within a state. Each document includes a summary of
the regulation, an agency contact, and the adoption and effective dates.
UNITED STATES CODE SERVICE (USCODE)
This file contains the United States Code Service, which is an annotated
version of the United States Code. In USCODE you will find coverage of all
Titles of the United States Code, the Constitution, Executive Orders, Court
Rules, Private Law Conventions, exhaustive references to the Code of
Federal Regulations, and full coverage of Public Laws in the Advance
Legislative Service.
UNITED STATES PUBLIC LAWS (PUBLAW)
The PUBLAW file contains the full text of all Public Laws enacted during a
session of congress. The Public Law is available soon after enactment.
Coverage begins with the 100th Congress, 2nd Session (1988).
CODE OF FEDERAL REGULATIONS (CFR)
This file contains the full text of all titles from the Code of Federal
Regulations (CFR). The CFR is a codification of the general and permanent
rules and regulations published originally in the Federal Register by
executive departments and agencies of the federal government.
FEDERAL REGISTER (FEDREG)
This file contains the full text of all documents that are published in the
Federal Register. The Federal Register (FR) is the official vehicle for
making the regulations and legal notices issued by the federal agencies and
departments available to the public. These include federal agency
documents, such as regulations (proposed, temporary, amended and final)
having general applicability and legal affect, documents required to be
published by act of Congress, federal agency documents of public interest,
meeting notices, and Presidential proclamations and executive orders.
HIER-LOC:
Area of Law - By Topic/Accounting/Access Directories/Tax Center/State/Multistate Sources
Area of Law - By Topic/Accounting/Find Statutes, Regulations & Administrative Materials/By Subtopic/Banking & Financial Services/Find Statutes and Regulations
Area of Law - By Topic/Accounting/Find Statutes, Regulations & Administrative Materials/By Subtopic/Banking & Financial Services/Find Statutes and Regulations/State Legislative Materials
Area of Law - By Topic/Accounting/Find Statutes, Regulations & Administrative Materials/By Subtopic/Securities/Find Statutes, Regulations & Administrative Materials
Area of Law - By Topic/Accounting/Find Statutes, Regulations & Administrative Materials/By Subtopic/Securities/Find Statutes, Regulations & Administrative Materials/By State Code
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Area of Law - By Topic/Banking & Financial Services/Find Statutes and Regulations
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Area of Law - By Topic/Financial Services Industry - Critical Issues/Critical Issues/Subprime & Predatory Lending/Check Compliance Requirements
Area of Law - By Topic/Financial Services Industry - Critical Issues/Critical Issues/Subprime & Predatory Lending/Check Compliance Requirements/Codes, Constitutions, Court Rules & ALS
Area of Law - By Topic/Financial Services Industry - Critical Issues/Related Industries View/Banking & Financial Services/Check Compliance Requirements
Area of Law - By Topic/Financial Services Industry - Critical Issues/Related Industries View/Banking & Financial Services/Check Compliance Requirements/Codes, Constitutions, Court Rules & ALS
Area of Law - By Topic/Financial Services Industry - Critical Issues/Related Industries View/Commercial & U.C.C./Find Statutes, Uniform Laws, Regulations & Administrative Materials
Area of Law - By Topic/Financial Services Industry - Critical Issues/Related Industries View/Commercial & U.C.C./Find Statutes, Uniform Laws, Regulations & Administrative Materials/By State Code
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Area of Law - By Topic/Financial Services Industry - Critical Issues/Related Industries View/Corporate/Check Compliance Requirements
Area of Law - By Topic/Financial Services Industry - Critical Issues/Related Industries View/Corporate/Check Compliance Requirements/By State Code
Area of Law - By Topic/Financial Services Industry - Critical Issues/Related Industries View/Corporate/Check Compliance Requirements/Find Statutes, Regulations & Administrative Materials
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SAMPLE-DOC:
MICHIE'S ALABAMA CODE ANNOTATED
Copyright © 2007 by Matthew Bender & Company, Inc.,
a member of the LexisNexis Group.
All rights reserved.
*** Current through the 2007 Regular Session ***
TITLE 7 Commercial Code
Article 8 Investment Securities
Part 1 Short Title and General Matters
Go to the Alabama Code Archive Directory
Code of Ala. § 7-8-116 (2007)
§ 7-8-116. Securities intermediary as purchaser for value.
A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder.
HISTORY: Acts 1996, No. 96-742.
NOTES:
OFFICIAL COMMENT
1. This section is intended to make explicit two points that, while implicit in other provisions, are of sufficient importance to the operation of the indirect holding system that they warrant explicit statement. First, it makes clear that a securities intermediary that receives a financial asset and establishes a security entitlement in respect thereof in favor of an entitlement holder is a "purchaser" of the financial asset that the securities intermediary received. Second, it makes clear that by establishing a security entitlement in favor of an entitlement holder a securities intermediary gives value for any corresponding financial asset that the securities intermediary receives or acquires from another party, whether the intermediary holds directly or indirectly.
In many cases a securities intermediary that receives a financial asset will also be transferring value to the person from whom the financial asset was received. That, however, is not always the case. Payment may occur through a different system than settlement of the securities side of the transaction, or the securities might be transferred without a corresponding payment, as when a person moves an account from one securities intermediary to another. Even though the securities intermediary does not give value to the transferor, it does give value by incurring obligations to its own entitlement holder. Although the general definition of value in Section 7-1-201(44)(d) should be interpreted to cover the point, this section is included to make this point explicit.
2. The following examples illustrate the effect of this section:
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