§12A-8-503.

§12A-8-503.
   
   Property Interest of Entitlement Holder in Financial Asset Held by
   Securities Intermediary.
   
   (a) To the extent necessary for a securities intermediary to satisfy
   all security entitlements with respect to a particular financial
   asset, all interests in that financial asset held by the securities
   intermediary are held by the securities intermediary for the
   entitlement holders, are not property of the securities intermediary,
   and are not subject to claims of creditors of the securities
   intermediary, except as otherwise provided in Section 8-511 of this
   title.
   
   (b) An entitlement holder's property interest with respect to a
   particular financial asset under subsection (a) of this section is a
   pro rata property interest in all interests in that financial asset
   held by the securities intermediary, without regard to the time the
   entitlement holder acquired the security entitlement or the time the
   securities intermediary acquired the interest in that financial asset.
   
   (c) An entitlement holder's property interest with respect to a
   particular financial asset under subsection (a) of this section may be
   enforced against the securities intermediary only by exercise of the
   entitlement holder's rights under Sections 8-505 through 8-508 of this
   title.
   
   (d) An entitlement holder's property interest with respect to a
   particular financial asset under subsection (a) of this section may be
   enforced against a purchaser of the financial asset or interest
   therein only if:
   
   (1) insolvency proceedings have been initiated by or against the
   securities intermediary;
   
   (2) the securities intermediary does not have sufficient interests in
   the financial asset to satisfy the security entitlements of all of its
   entitlement holders to that financial asset;
   
   (3) the securities intermediary violated its obligations under Section
   8-504 of this title by transferring the financial asset or interest
   therein to the purchaser; and
   
   (4) the purchaser is not protected under subsection (e) of this
   section.
   
   The trustee or other liquidator, acting on behalf of all entitlement
   holders having security entitlements with respect to a particular
   financial asset, may recover the financial asset, or interest therein,
   from the purchaser. If the trustee or other liquidator elects not to
   pursue that right, an entitlement holder whose security entitlement
   remains unsatisfied has the right to recover its interest in the
   financial asset from the purchaser.
   
   (e) An action based on the entitlement holder's property interest with
   respect to a particular financial asset under subsection (a) of this
   section, whether framed in conversion, replevin, constructive trust,
   equitable lien, or other theory, may not be asserted against any
   purchaser of a financial asset or interest therein who gives value,
   obtains control, and does not act in collusion with the securities
   intermediary in violating the securities intermediary's obligations
   under Section 8-504 of this title.