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Can you summarize MNST 336.8-501?
UNIFORM COMMERCIAL CODE > SECURITIES ACCOUNT; ACQUISITION OF SECURITY ENTITLEMENT FROM SECURITIES INTERMEDIARY.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs securities accounts and the acquisition of security entitlement from securities intermediaries. A securities account refers to an account where a financial asset is credited, and the account holder is treated as entitled to exercise the rights associated with the financial asset. A person acquires a security entitlement if a securities intermediary indicates the credit of a financial asset to their securities account, receives a financial asset from the person for credit to their securities account, or becomes obligated to credit a financial asset to the person’s securities account under other laws or regulations. The document clarifies that a person can have a security entitlement even if the securities intermediary does not hold the financial asset itself. It also outlines the circumstances where a person is treated as holding the financial asset directly rather than having a security entitlement. The document does not mention any specific exemptions or penalties. Overall, it provides the legal framework for securities accounts and the acquisition of security entitlement in Minnesota.
Whom does it apply to?
Persons involved in securities transactions and securities intermediaries
What does it govern?
Securities account; acquisition of security entitlement from securities intermediary
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota