{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.8A-102.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.8A-102.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.8A-102.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.8A-102.html"}],"law_id":69812,"edition_id":1,"section_id":69812,"structure_id":13565,"section_number":"8.8A-102","catch_line":"Definitions","history":"1996, c. 216; 2003, c. 353; 2024, c. 652.","full_text":"a\n\nIn this title:1\n\n“Adverse claim” means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset.2\n\n“Bearer form,” as applied to a certificated security, means a form in which the security is payable to the bearer of the security certificate according to its terms but not by reason of an endorsement.3\n\n“Broker” means a person defined as a broker or dealer under the federal securities laws, but without excluding a bank acting in that capacity.4\n\n“Certificated security” means a security that is represented by a certificate.5\n\n“Clearing corporation” means:i\n\na person that is registered as a “clearing agency” under the federal securities laws;ii\n\na federal reserve bank; oriii\n\nany other person that provides clearance or settlement services with respect to financial assets that would require it to register as a clearing agency under the federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including promulgation of rules, are subject to regulation by a federal or state governmental authority.6\n\n“Communicate” means to:i\n\nsend a signed record; orii\n\ntransmit information by any mechanism agreed upon by the persons transmitting and receiving the information.7\n\n“Entitlement holder” means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. If a person acquires a security entitlement by virtue of § 8.8A-501 (b) (2) or (3), that person is the entitlement holder.8\n\n“Entitlement order” means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement.9\n\n“Financial asset,” except as otherwise provided in § 8.8A-103, means:i\n\na security;ii\n\nan obligation of a person or a share, participation, or other interest in a person or in property or an enterprise of a person, which is, or is of a type, dealt in or traded on financial markets, or which is recognized in any area in which it is issued or dealt in as a medium for investment; oriii\n\nany property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this title.\n\t\t\t\tAs context requires, the term means either the interest itself or the means by which a person’s claim to it is evidenced, including a certificated or uncertificated security, a security certificate, or a security entitlement.10\n\n“Good faith,” for purposes of the obligation of good faith in the performance or enforcement of contracts or duties within this title, means honesty in fact and the observance of reasonable commercial standards of fair dealing.11\n\n“Endorsement” means a signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring, or redeeming the security or granting a power to assign, transfer, or redeem it.12\n\n“Instruction” means a notification communicated to the issuer of an uncertificated security which directs that the transfer of the security be registered or that the security be redeemed.13\n\n“Registered form,” as applied to a certificated security, means a form in which:i\n\nthe security certificate specifies a person entitled to the security; andii\n\na transfer of the security may be registered upon books maintained for that purpose by or on behalf of the issuer, or the security certificate so states.14\n\n“Securities intermediary” means:i\n\na clearing corporation; orii\n\na person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity.15\n\n“Security,” except as otherwise provided in § 8.8A-103, means an obligation of an issuer or a share, participation, or other interest in an issuer or in property or an enterprise of an issuer:i\n\nwhich is represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;ii\n\nwhich is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests, or obligations; andiii\n\nwhich:A\n\nis, or is of a type, dealt in or traded on securities exchanges or securities markets; orB\n\nis a medium for investment and by its terms expressly provides that it is a security governed by this title.16\n\n“Security certificate” means a certificate representing a security.17\n\n“Security entitlement” means the rights and property interest of an entitlement holder with respect to a financial asset specified in Part 5.18\n\n“Uncertificated security” means a security that is not represented by a certificate.b\n\nThe following definitions in this title and other Articles apply to this title:\n\t\t\tAppropriate person § 8.8A-107\n\t\t\tControl § 8.8A-106\n\t\t\tControllable account § 8.9A-102\n\t\t\tControllable electronic record § 8.12-102\n\t\t\tControllable payment intangible § 8.9A-102\n\t\t\tDelivery § 8.8A-301\n\t\t\tInvestment company security § 8.8A-103\n\t\t\tIssuer § 8.8A-201\n\t\t\tOverissue § 8.8A-210\n\t\t\tProtected purchaser § 8.8A-303\n\t\t\tSecurities account § 8.8A-501c\n\nIn addition, Title 8.1A contains general definitions and principles of construction and interpretation applicable throughout this title.d\n\nThe characterization of a person, business, or transaction for purposes of this title does not determine the characterization of the person, business, or transaction for purposes of any other law, regulation, or rule.","order_by":null,"text":{"0":{"id":252283,"text":"In this title:","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"a1"},"1":{"id":252284,"text":"“Adverse claim” means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset.","type":"section","prefixes":["a","1"],"prefix":"1","entire_prefix":"a1","prefix_anchor":"a1","level":2,"prior_prefix":"a","next_prefix":"a2"},"2":{"id":252285,"text":"“Bearer form,” as applied to a certificated security, means a form in which the security is payable to the bearer of the security certificate according to its terms but not by reason of an endorsement.","type":"section","prefixes":["a","2"],"prefix":"2","entire_prefix":"a2","prefix_anchor":"a2","level":2,"prior_prefix":"a1","next_prefix":"a3"},"3":{"id":252286,"text":"“Broker” means a person defined as a broker or dealer under the federal securities laws, but without excluding a bank acting in that capacity.","type":"section","prefixes":["a","3"],"prefix":"3","entire_prefix":"a3","prefix_anchor":"a3","level":2,"prior_prefix":"a2","next_prefix":"a4"},"4":{"id":252287,"text":"“Certificated security” means a security that is represented by a certificate.","type":"section","prefixes":["a","4"],"prefix":"4","entire_prefix":"a4","prefix_anchor":"a4","level":2,"prior_prefix":"a3","next_prefix":"a5"},"5":{"id":252288,"text":"“Clearing corporation” means:","type":"section","prefixes":["a","5"],"prefix":"5","entire_prefix":"a5","prefix_anchor":"a5","level":2,"prior_prefix":"a4","next_prefix":"i"},"6":{"id":252289,"text":"a person that is registered as a “clearing agency” under the federal securities laws;","type":"section","prefixes":["i"],"prefix":"i","entire_prefix":"i","prefix_anchor":"i","level":1,"prior_prefix":"a5","next_prefix":"iii"},"7":{"id":252290,"text":"a federal reserve bank; or","type":"section","prefixes":["i","ii"],"prefix":"ii","entire_prefix":"iii","prefix_anchor":"iii","level":2,"prior_prefix":"i","next_prefix":"iiii"},"8":{"id":252291,"text":"any other person that provides clearance or settlement services with respect to financial assets that would require it to register as a clearing agency under the federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including promulgation of rules, are subject to regulation by a federal or state governmental authority.","type":"section","prefixes":["i","iii"],"prefix":"iii","entire_prefix":"iiii","prefix_anchor":"iiii","level":2,"prior_prefix":"iii","next_prefix":"i6"},"9":{"id":252292,"text":"“Communicate” means to:","type":"section","prefixes":["i","6"],"prefix":"6","entire_prefix":"i6","prefix_anchor":"i6","level":2,"prior_prefix":"iiii","next_prefix":"i"},"10":{"id":252293,"text":"send a signed record; or","type":"section","prefixes":["i"],"prefix":"i","entire_prefix":"i","prefix_anchor":"i","level":1,"prior_prefix":"i6","next_prefix":"iii"},"11":{"id":252294,"text":"transmit information by any mechanism agreed upon by the persons transmitting and receiving the information.","type":"section","prefixes":["i","ii"],"prefix":"ii","entire_prefix":"iii","prefix_anchor":"iii","level":2,"prior_prefix":"i","next_prefix":"i7"},"12":{"id":252295,"text":"“Entitlement holder” means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. If a person acquires a security entitlement by virtue of § 8.8A-501 (b) (2) or (3), that person is the entitlement holder.","type":"section","prefixes":["i","7"],"prefix":"7","entire_prefix":"i7","prefix_anchor":"i7","level":2,"prior_prefix":"iii","next_prefix":"i8"},"13":{"id":252296,"text":"“Entitlement order” means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement.","type":"section","prefixes":["i","8"],"prefix":"8","entire_prefix":"i8","prefix_anchor":"i8","level":2,"prior_prefix":"i7","next_prefix":"i9"},"14":{"id":252297,"text":"“Financial asset,” except as otherwise provided in § 8.8A-103, means:","type":"section","prefixes":["i","9"],"prefix":"9","entire_prefix":"i9","prefix_anchor":"i9","level":2,"prior_prefix":"i8","next_prefix":"i"},"15":{"id":252298,"text":"a security;","type":"section","prefixes":["i"],"prefix":"i","entire_prefix":"i","prefix_anchor":"i","level":1,"prior_prefix":"i9","next_prefix":"iii"},"16":{"id":252299,"text":"an obligation of a person or a share, participation, or other interest in a person or in property or an enterprise of a person, which is, or is of a type, dealt in or traded on financial markets, or which is recognized in any area in which it is issued or dealt in as a medium for investment; or","type":"section","prefixes":["i","ii"],"prefix":"ii","entire_prefix":"iii","prefix_anchor":"iii","level":2,"prior_prefix":"i","next_prefix":"iiii"},"17":{"id":252300,"text":"any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this title.\n\t\t\t\tAs context requires, the term means either the interest itself or the means by which a person’s claim to it is evidenced, including a certificated or uncertificated security, a security certificate, or a security entitlement.","type":"section","prefixes":["i","iii"],"prefix":"iii","entire_prefix":"iiii","prefix_anchor":"iiii","level":2,"prior_prefix":"iii","next_prefix":"i10"},"18":{"id":252301,"text":"“Good faith,” for purposes of the obligation of good faith in the performance or enforcement of contracts or duties within this title, means honesty in fact and the observance of reasonable commercial standards of fair dealing.","type":"section","prefixes":["i","10"],"prefix":"10","entire_prefix":"i10","prefix_anchor":"i10","level":2,"prior_prefix":"iiii","next_prefix":"i11"},"19":{"id":252302,"text":"“Endorsement” means a signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring, or redeeming the security or granting a power to assign, transfer, or redeem it.","type":"section","prefixes":["i","11"],"prefix":"11","entire_prefix":"i11","prefix_anchor":"i11","level":2,"prior_prefix":"i10","next_prefix":"i12"},"20":{"id":252303,"text":"“Instruction” means a notification communicated to the issuer of an uncertificated security which directs that the transfer of the security be registered or that the security be redeemed.","type":"section","prefixes":["i","12"],"prefix":"12","entire_prefix":"i12","prefix_anchor":"i12","level":2,"prior_prefix":"i11","next_prefix":"i13"},"21":{"id":252304,"text":"“Registered form,” as applied to a certificated security, means a form in which:","type":"section","prefixes":["i","13"],"prefix":"13","entire_prefix":"i13","prefix_anchor":"i13","level":2,"prior_prefix":"i12","next_prefix":"i"},"22":{"id":252305,"text":"the security certificate specifies a person entitled to the security; and","type":"section","prefixes":["i"],"prefix":"i","entire_prefix":"i","prefix_anchor":"i","level":1,"prior_prefix":"i13","next_prefix":"iii"},"23":{"id":252306,"text":"a transfer of the security may be registered upon books maintained for that purpose by or on behalf of the issuer, or the security certificate so states.","type":"section","prefixes":["i","ii"],"prefix":"ii","entire_prefix":"iii","prefix_anchor":"iii","level":2,"prior_prefix":"i","next_prefix":"i14"},"24":{"id":252307,"text":"“Securities intermediary” means:","type":"section","prefixes":["i","14"],"prefix":"14","entire_prefix":"i14","prefix_anchor":"i14","level":2,"prior_prefix":"iii","next_prefix":"i"},"25":{"id":252308,"text":"a clearing corporation; or","type":"section","prefixes":["i"],"prefix":"i","entire_prefix":"i","prefix_anchor":"i","level":1,"prior_prefix":"i14","next_prefix":"iii"},"26":{"id":252309,"text":"a person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity.","type":"section","prefixes":["i","ii"],"prefix":"ii","entire_prefix":"iii","prefix_anchor":"iii","level":2,"prior_prefix":"i","next_prefix":"i15"},"27":{"id":252310,"text":"“Security,” except as otherwise provided in § 8.8A-103, means an obligation of an issuer or a share, participation, or other interest in an issuer or in property or an enterprise of an issuer:","type":"section","prefixes":["i","15"],"prefix":"15","entire_prefix":"i15","prefix_anchor":"i15","level":2,"prior_prefix":"iii","next_prefix":"i"},"28":{"id":252311,"text":"which is represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;","type":"section","prefixes":["i"],"prefix":"i","entire_prefix":"i","prefix_anchor":"i","level":1,"prior_prefix":"i15","next_prefix":"iii"},"29":{"id":252312,"text":"which is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests, or obligations; and","type":"section","prefixes":["i","ii"],"prefix":"ii","entire_prefix":"iii","prefix_anchor":"iii","level":2,"prior_prefix":"i","next_prefix":"iiii"},"30":{"id":252313,"text":"which:","type":"section","prefixes":["i","iii"],"prefix":"iii","entire_prefix":"iiii","prefix_anchor":"iiii","level":2,"prior_prefix":"iii","next_prefix":"A"},"31":{"id":252314,"text":"is, or is of a type, dealt in or traded on securities exchanges or securities markets; or","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"prior_prefix":"iiii","next_prefix":"B"},"32":{"id":252315,"text":"is a medium for investment and by its terms expressly provides that it is a security governed by this title.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B16"},"33":{"id":252316,"text":"“Security certificate” means a certificate representing a security.","type":"section","prefixes":["B","16"],"prefix":"16","entire_prefix":"B16","prefix_anchor":"B16","level":2,"prior_prefix":"B","next_prefix":"B17"},"34":{"id":252317,"text":"“Security entitlement” means the rights and property interest of an entitlement holder with respect to a financial asset specified in Part 5.","type":"section","prefixes":["B","17"],"prefix":"17","entire_prefix":"B17","prefix_anchor":"B17","level":2,"prior_prefix":"B16","next_prefix":"B18"},"35":{"id":252318,"text":"“Uncertificated security” means a security that is not represented by a certificate.","type":"section","prefixes":["B","18"],"prefix":"18","entire_prefix":"B18","prefix_anchor":"B18","level":2,"prior_prefix":"B17","next_prefix":"b"},"36":{"id":252319,"text":"The following definitions in this title and other Articles apply to this title:\n\t\t\tAppropriate person § 8.8A-107\n\t\t\tControl § 8.8A-106\n\t\t\tControllable account § 8.9A-102\n\t\t\tControllable electronic record § 8.12-102\n\t\t\tControllable payment intangible § 8.9A-102\n\t\t\tDelivery § 8.8A-301\n\t\t\tInvestment company security § 8.8A-103\n\t\t\tIssuer § 8.8A-201\n\t\t\tOverissue § 8.8A-210\n\t\t\tProtected purchaser § 8.8A-303\n\t\t\tSecurities account § 8.8A-501","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"B18","next_prefix":"c"},"37":{"id":252320,"text":"In addition, Title 8.1A contains general definitions and principles of construction and interpretation applicable throughout this title.","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b","next_prefix":"d"},"38":{"id":252321,"text":"The characterization of a person, business, or transaction for purposes of this title does not determine the characterization of the person, business, or transaction for purposes of any other law, regulation, or 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03:44:52","permalink":{"id":283611,"object_type":"structure","relational_id":13421,"identifier":"8.8A","token":"8.8A","url":"\/8.8A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":75292,"structure_id":13565,"section_number":"8.8A-101","catch_line":"Short title","url":"\/8.8A-101\/","token":"8.8A\/1\/8.8A-101","metadata":false},{"id":69812,"structure_id":13565,"section_number":"8.8A-102","catch_line":"Definitions","url":"\/8.8A-102\/","token":"8.8A\/1\/8.8A-102","metadata":false},{"id":67422,"structure_id":13565,"section_number":"8.8A-103","catch_line":"Rules for determining whether certain obligations and interests are securities or financial assets","url":"\/8.8A-103\/","token":"8.8A\/1\/8.8A-103","metadata":false},{"id":62182,"structure_id":13565,"section_number":"8.8A-104","catch_line":"Acquisition of security or financial asset or interest 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This law was first created in 1996. The record of its establishment is cataloged in chapter 216<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2003, chapter 353<\/a>; in 2024, chapter 652<\/a>.<\/p>","references":[{"id":75450,"section_number":"6.2-1010","catch_line":"Holding stock or other securities as fiduciary","order_by":null,"url":"\/6.2-1010\/"},{"id":82541,"section_number":"6.2-874","catch_line":"Prohibited uses of bank's own stock; other investments or loans","order_by":null,"url":"\/6.2-874\/"},{"id":73125,"section_number":"8.4-104","catch_line":"Definitions and index of definitions","order_by":null,"url":"\/8.4-104\/"},{"id":67422,"section_number":"8.8A-103","catch_line":"Rules for determining whether certain obligations and interests are securities or financial assets","order_by":null,"url":"\/8.8A-103\/"},{"id":58431,"section_number":"8.9A-102","catch_line":"Definitions and index of definitions","order_by":null,"url":"\/8.9A-102\/"}],"refers_to":[{"id":67134,"section_number":"8.12-102","catch_line":"Definitions","order_by":null,"url":"\/8.12-102\/"},{"id":67422,"section_number":"8.8A-103","catch_line":"Rules for determining whether certain obligations and interests are securities or financial assets","order_by":null,"url":"\/8.8A-103\/"},{"id":84402,"section_number":"8.8A-106","catch_line":"Control","order_by":null,"url":"\/8.8A-106\/"},{"id":82156,"section_number":"8.8A-107","catch_line":"Whether endorsement, instruction or entitlement order is effective","order_by":null,"url":"\/8.8A-107\/"},{"id":78433,"section_number":"8.8A-201","catch_line":"Issuer","order_by":null,"url":"\/8.8A-201\/"},{"id":65945,"section_number":"8.8A-210","catch_line":"Overissue","order_by":null,"url":"\/8.8A-210\/"},{"id":58567,"section_number":"8.8A-301","catch_line":"Delivery","order_by":null,"url":"\/8.8A-301\/"},{"id":81304,"section_number":"8.8A-303","catch_line":"Protected purchaser","order_by":null,"url":"\/8.8A-303\/"},{"id":68902,"section_number":"8.8A-501","catch_line":"Securities account; acquisition of security entitlement from securities intermediary","order_by":null,"url":"\/8.8A-501\/"},{"id":58431,"section_number":"8.9A-102","catch_line":"Definitions and index of definitions","order_by":null,"url":"\/8.9A-102\/"}],"permalink":{"id":283619,"object_type":"law","relational_id":69812,"identifier":"8.8A-102","token":"8.8A\/1\/8.8A-102","url":"\/8.8A-102\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.8A-102\/","token":"8.8A\/1\/8.8A-102","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.8A-102","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> In this title: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> “Adverse claim<\/span>” means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> “Bearer form,” as applied to a certificated security<\/span>, means a form in which the security is payable to the bearer of the security certificate<\/span> according to its terms but not by reason of an endorsement<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> “Broker<\/span>” means a person defined as a broker<\/span> or dealer under the federal securities laws<\/span>, but without excluding a bank acting in that capacity. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> “Certificated security<\/span>” means a security that is represented by a certificate. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> “Clearing corporation” means: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

i.<\/span> a person that is registered as a “clearing agency” under the federal securities laws<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

ii.<\/span> a federal reserve bank; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

iii.<\/span> any other person that provides clearance or settlement<\/span> services with respect to financial assets<\/span> that would require it to register as a clearing agency under the federal securities laws<\/span> but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including promulgation of rules, are subject to regulation by a federal or state governmental authority. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> “Communicate<\/span>” means to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

i.<\/span> send a signed record; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

ii.<\/span> transmit information by any mechanism agreed upon by the persons transmitting and receiving the information. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> “Entitlement holder<\/span>” means a person identified in the records of a securities intermediary as the person having a security entitlement<\/span> against the securities intermediary. If a person acquires a security entitlement<\/span> by virtue of § 8.8A-501<\/a> (b) (2) or (3), that person is the entitlement holder<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> “Entitlement order<\/span>” means a notification communicated to a securities intermediary directing transfer or redemption<\/span> of a financial asset to which the entitlement holder<\/span> has a security entitlement<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> “Financial asset,” except as otherwise provided in § 8.8A-103<\/a>, means: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

i.<\/span> a security; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

ii.<\/span> an obligation of a person or a share, participation, or other interest in a person or in property or an enterprise of a person, which is, or is of a type, dealt in or traded on financial markets, or which is recognized in any area in which it is issued or dealt in as a medium for investment; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

iii.<\/span> any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this title.\n\t\t\t\tAs context requires, the term means either the interest itself or the means by which a person’s claim to it is evidenced, including a certificated or uncertificated security<\/span>, a security certificate<\/span>, or a security entitlement<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> “Good faith,” for purposes of the obligation of good faith in the performance or enforcement of contracts<\/span> or duties within this title, means honesty in fact<\/span> and the observance of reasonable commercial standards of fair dealing. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> “Endorsement<\/span>” means a signature that alone or accompanied by other words is made on a security certificate<\/span> in registered form or on a separate document for the purpose of assigning, transferring, or redeeming the security or granting a power to assign, transfer, or redeem it. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> “Instruction<\/span>” means a notification communicated to the issuer of an uncertificated security<\/span> which directs that the transfer of the security be registered or that the security be redeemed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> “Registered form,” as applied to a certificated security<\/span>, means a form in which: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

i.<\/span> the security certificate<\/span> specifies a person entitled to the security; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

ii.<\/span> a transfer of the security may be registered upon books maintained for that purpose by or on behalf of the issuer, or the security certificate<\/span> so states. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> “Securities intermediary” means: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

i.<\/span> a clearing corporation; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

ii.<\/span> a person, including a bank or broker<\/span>, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> “Security,” except as otherwise provided in § 8.8A-103<\/a>, means an obligation of an issuer or a share, participation, or other interest in an issuer or in property or an enterprise of an issuer: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

i.<\/span> which is represented by a security certificate<\/span> in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

ii.<\/span> which is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests, or obligations; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

iii.<\/span> which: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

A.<\/span> is, or is of a type, dealt in or traded on securities exchanges or securities markets; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> is a medium for investment and by its terms expressly provides that it is a security governed by this title. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

16.<\/span> “Security certificate<\/span>” means a certificate representing a security. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

17.<\/span> “Security entitlement<\/span>” means the rights and property interest of an entitlement holder<\/span> with respect to a financial asset specified in Part 5. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

18.<\/span> “Uncertificated security<\/span>” means a security that is not represented by a certificate. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> The following definitions in this title and other Articles apply to this title:\n\t\t\tAppropriate person § 8.8A-107<\/a>\n\t\t\tControl § 8.8A-106<\/a>\n\t\t\tControllable account § 8.9A-102<\/a>\n\t\t\tControllable electronic record § 8.12-102<\/a>\n\t\t\tControllable payment intangible § 8.9A-102<\/a>\n\t\t\tDelivery § 8.8A-301<\/a>\n\t\t\tInvestment company security § 8.8A-103<\/a>\n\t\t\tIssuer § 8.8A-201<\/a>\n\t\t\tOverissue § 8.8A-210<\/a>\n\t\t\tProtected purchaser § 8.8A-303<\/a>\n\t\t\tSecurities account § 8.8A-501<\/a> <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> In addition, Title 8.1A contains general definitions and principles of construction and interpretation applicable throughout this title. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> The characterization of a person, business, or transaction for purposes of this title does not determine the characterization of the person, business, or transaction for purposes of any other law<\/span>, regulation, or rule. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 8.8A-102)\n\na. In this title:\n\n 1. “Adverse claim” means a claim that a claimant has a property\n interest in a financial asset and that it is a violation of the rights of the\n claimant for another person to hold, transfer, or deal with the financial\n asset.\n\n 2. “Bearer form,” as applied to a certificated security, means a\n form in which the security is payable to the bearer of the security\n certificate according to its terms but not by reason of an endorsement.\n\n 3. “Broker” means a person defined as a broker or dealer under the\n federal securities laws, but without excluding a bank acting in that capacity.\n\n 4. “Certificated security” means a security that is represented by\n a certificate.\n\n 5. “Clearing corporation” means:\n\ni. a person that is registered as a “clearing agency” under the\nfederal securities laws;\n\n ii. a federal reserve bank; or\n\n iii. any other person that provides clearance or settlement services with\n respect to financial assets that would require it to register as a clearing\n agency under the federal securities laws but for an exclusion or exemption\n from the registration requirement, if its activities as a clearing\n corporation, including promulgation of rules, are subject to regulation by a\n federal or state governmental authority.\n\n 6. “Communicate” means to:\n\ni. send a signed record; or\n\n ii. transmit information by any mechanism agreed upon by the persons\n transmitting and receiving the information.\n\n 7. “Entitlement holder” means a person identified in the records\n of a securities intermediary as the person having a security entitlement\n against the securities intermediary. If a person acquires a security\n entitlement by virtue of § 8.8A-501 (b) (2) or (3), that person is the\n entitlement holder.\n\n 8. “Entitlement order” means a notification communicated to a\n securities intermediary directing transfer or redemption of a financial asset\n to which the entitlement holder has a security entitlement.\n\n 9. “Financial asset,” except as otherwise provided in §\n 8.8A-103, means:\n\ni. a security;\n\n ii. an obligation of a person or a share, participation, or other interest in\n a person or in property or an enterprise of a person, which is, or is of a\n type, dealt in or traded on financial markets, or which is recognized in any\n area in which it is issued or dealt in as a medium for investment; or\n\n iii. any property that is held by a securities intermediary for another person\n in a securities account if the securities intermediary has expressly agreed\n with the other person that the property is to be treated as a financial asset\n under this title.\n \t\t\t\tAs context requires, the term means either the interest itself or the\n means by which a person’s claim to it is evidenced, including a\n certificated or uncertificated security, a security certificate, or a security\n entitlement.\n\n 10. “Good faith,” for purposes of the obligation of good faith in\n the performance or enforcement of contracts or duties within this title, means\n honesty in fact and the observance of reasonable commercial standards of fair\n dealing.\n\n 11. “Endorsement” means a signature that alone or accompanied by\n other words is made on a security certificate in registered form or on a\n separate document for the purpose of assigning, transferring, or redeeming the\n security or granting a power to assign, transfer, or redeem it.\n\n 12. “Instruction” means a notification communicated to the issuer\n of an uncertificated security which directs that the transfer of the security\n be registered or that the security be redeemed.\n\n 13. “Registered form,” as applied to a certificated security,\n means a form in which:\n\ni. the security certificate specifies a person entitled to the security; and\n\n ii. a transfer of the security may be registered upon books maintained for\n that purpose by or on behalf of the issuer, or the security certificate so\n states.\n\n 14. “Securities intermediary” means:\n\ni. a clearing corporation; or\n\n ii. a person, including a bank or broker, that in the ordinary course of its\n business maintains securities accounts for others and is acting in that\n capacity.\n\n 15. “Security,” except as otherwise provided in § 8.8A-103,\n means an obligation of an issuer or a share, participation, or other interest\n in an issuer or in property or an enterprise of an issuer:\n\ni. which is represented by a security certificate in bearer or registered form,\nor the transfer of which may be registered upon books maintained for that\npurpose by or on behalf of the issuer;\n\n ii. which is one of a class or series or by its terms is divisible into a\n class or series of shares, participations, interests, or obligations; and\n\n iii. which:\n\nA. is, or is of a type, dealt in or traded on securities exchanges or securities\nmarkets; or\n\nB. is a medium for investment and by its terms expressly provides that it is a\nsecurity governed by this title.\n\n 16. “Security certificate” means a certificate representing a\n security.\n\n 17. “Security entitlement” means the rights and property interest\n of an entitlement holder with respect to a financial asset specified in Part\n 5.\n\n 18. “Uncertificated security” means a security that is not\n represented by a certificate.\n\nb. The following definitions in this title and other Articles apply to this\ntitle:\n\t\t\tAppropriate person § 8.8A-107\n\t\t\tControl § 8.8A-106\n\t\t\tControllable account § 8.9A-102\n\t\t\tControllable electronic record § 8.12-102\n\t\t\tControllable payment intangible § 8.9A-102\n\t\t\tDelivery § 8.8A-301\n\t\t\tInvestment company security § 8.8A-103\n\t\t\tIssuer § 8.8A-201\n\t\t\tOverissue § 8.8A-210\n\t\t\tProtected purchaser § 8.8A-303\n\t\t\tSecurities account § 8.8A-501\n\nc. In addition, Title 8.1A contains general definitions and principles of\nconstruction and interpretation applicable throughout this title.\n\nd. The characterization of a person, business, or transaction for purposes of\nthis title does not determine the characterization of the person, business, or\ntransaction for purposes of any other law, regulation, or rule.\n\nHISTORY: 1996, c. 216; 2003, c. 353; 2024, c. 652.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}