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Can you summarize WVCO Chapter 46, Article 8?
UNIFORM COMMERCIAL CODE. > INVESTMENT SECURITIES.
Short Summary
This legal document, part of the West Virginia Code’s Uniform Commercial Code on Investment Securities, pertains to the provisions related to investment securities. It provides definitions for various terms used in the context of investment securities and clarifies the characterization of a person, business, or transaction for purposes of this article. The document also provides rules for determining whether certain obligations and interests are classified as securities or financial assets. It applies to various entities such as corporations, business trusts, joint stock companies, and similar entities. The document also governs the acquisition of securities or financial assets and interests therein, the concept of adverse claims, the definition of ‘control’ in relation to certificated and uncertificated securities and security entitlements, the effectiveness of indorsement, instruction, and entitlement order, the warranties provided by persons involved in the transfer or registration of securities, the warranties in indirect holding of securities, the applicability and choice of law for investment securities, the rules adopted by clearing corporations, and the process by which a creditor can reach the interest of a debtor in different types of securities. The document provides a comprehensive overview of the legal framework surrounding investment securities and the applicable laws for various parties involved in securities transactions.
Whom does it apply to?
Corporations, business trusts, joint stock companies, and similar entities
What does it govern?
Uniform Commercial Code provisions related to investment securities
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
West Virginia