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Can you summarize MNST 336.8-104?
UNIFORM COMMERCIAL CODE > ACQUISITION OF SECURITY OR FINANCIAL ASSET OR INTEREST THEREIN.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the acquisition of securities or financial assets. It outlines the conditions under which a person can acquire a security or an interest therein, either by being a purchaser to whom a security is delivered or by acquiring a security entitlement. It also covers the acquisition of financial assets through a security entitlement. The document specifies the rights of a person who acquires a security entitlement, but clarifies that they are only a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary to the extent provided in section 336.8-503. Additionally, the document states that if a person is required by other law, regulation, rule, or agreement to transfer or deliver a security or financial asset, they can satisfy that requirement by causing the other person to acquire an interest in the security or financial asset as outlined in subsection (a) or (b).
Whom does it apply to?
Persons involved in the acquisition of securities or financial assets
What does it govern?
Acquisition of security or financial asset or interest therein
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota