Section 408.104. Acquisition of security or financial asset or interest therein.

 

(1)  A person acquires a security or an interest therein, under this chapter, if:

(a) The person is a purchaser to whom a security is delivered pursuant to s. 408.301 ; or

(b) The person acquires a security entitlement to the security pursuant to s. 408.501 .

(2)  A person acquires a financial asset, other than a security, or an interest therein, under this chapter, if the person acquires a security entitlement to the financial asset.

(3)  A person who acquires a security entitlement to a security or other financial asset has the rights specified in subch. V , but is a purchaser of any security, security entitlement or other financial asset held by the securities intermediary only to the extent provided in s. 408.503 .

(4)  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 sub. (1) or (2) .

1997 a. 297 .