{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.8A-501.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.8A-501.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.8A-501.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.8A-501.html"}],"law_id":68902,"edition_id":1,"section_id":68902,"structure_id":15693,"section_number":"8.8A-501","catch_line":"Securities account; acquisition of security entitlement from securities intermediary","history":"1996, c. 216.","full_text":"a\n\n“Securities account” means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset.b\n\nExcept as otherwise provided in subsections (d) and (e), a person acquires a security entitlement if a securities intermediary:1\n\nindicates by book entry that a financial asset has been credited to the person’s securities account;2\n\nreceives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person’s securities account; or3\n\nbecomes obligated under other law, regulation, or rule to credit a financial asset to the person’s securities account.c\n\nIf a condition of subsection (b) has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset.d\n\nIf a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order of, or specially endorsed to the other person, and has not been endorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset.e\n\nIssuance of a security is not establishment of a security entitlement.","order_by":null,"text":{"0":{"id":249394,"text":"“Securities account” means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"b"},"1":{"id":249395,"text":"Except as otherwise provided in subsections (d) and (e), a person acquires a security entitlement if a securities intermediary:","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a","next_prefix":"b1"},"2":{"id":249396,"text":"indicates by book entry that a financial asset has been credited to the person’s securities account;","type":"section","prefixes":["b","1"],"prefix":"1","entire_prefix":"b1","prefix_anchor":"b1","level":2,"prior_prefix":"b","next_prefix":"b2"},"3":{"id":249397,"text":"receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person’s securities account; or","type":"section","prefixes":["b","2"],"prefix":"2","entire_prefix":"b2","prefix_anchor":"b2","level":2,"prior_prefix":"b1","next_prefix":"b3"},"4":{"id":249398,"text":"becomes obligated under other law, regulation, or rule to credit a financial asset to the person’s securities account.","type":"section","prefixes":["b","3"],"prefix":"3","entire_prefix":"b3","prefix_anchor":"b3","level":2,"prior_prefix":"b2","next_prefix":"c"},"5":{"id":249399,"text":"If a condition of subsection (b) has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset.","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b3","next_prefix":"d"},"6":{"id":249400,"text":"If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order of, or specially endorsed to the other person, and has not been endorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset.","type":"section","prefixes":["d"],"prefix":"d","entire_prefix":"d","prefix_anchor":"d","level":1,"prior_prefix":"c","next_prefix":"e"},"7":{"id":249401,"text":"Issuance of a security is not establishment of a security entitlement.","type":"section","prefixes":["e"],"prefix":"e","entire_prefix":"e","prefix_anchor":"e","level":1,"prior_prefix":"d"}},"ancestry":[{"id":15693,"edition_id":1,"name":"Security Entitlements","identifier":"5","label":"part","depth":2,"order_by":1,"parent_id":13421,"metadata":{},"date_created":"2026-06-26 03:58:00","date_modified":"2026-06-26 03:58:00","permalink":{"id":283781,"object_type":"structure","relational_id":15693,"identifier":"5","token":"8.8A\/5","url":"\/8.8A\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13421,"edition_id":1,"name":"Commercial Code \u2014 Investment Securities","identifier":"8.8A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:52","date_modified":"2026-06-26 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":68902,"structure_id":15693,"section_number":"8.8A-501","catch_line":"Securities account; acquisition of security entitlement from securities intermediary","url":"\/8.8A-501\/","token":"8.8A\/5\/8.8A-501","metadata":false},{"id":72041,"structure_id":15693,"section_number":"8.8A-502","catch_line":"Assertion of adverse claim against entitlement holder","url":"\/8.8A-502\/","token":"8.8A\/5\/8.8A-502","metadata":false},{"id":80721,"structure_id":15693,"section_number":"8.8A-503","catch_line":"Property interest of entitlement holder in financial asset held by securities intermediary","url":"\/8.8A-503\/","token":"8.8A\/5\/8.8A-503","metadata":false},{"id":74402,"structure_id":15693,"section_number":"8.8A-504","catch_line":"Duty of securities intermediary to maintain financial asset","url":"\/8.8A-504\/","token":"8.8A\/5\/8.8A-504","metadata":false},{"id":83716,"structure_id":15693,"section_number":"8.8A-505","catch_line":"Duty of securities intermediary with respect to payments and distributions","url":"\/8.8A-505\/","token":"8.8A\/5\/8.8A-505","metadata":false},{"id":60117,"structure_id":15693,"section_number":"8.8A-506","catch_line":"Duty of securities intermediary to exercise rights as directed by entitlement holder","url":"\/8.8A-506\/","token":"8.8A\/5\/8.8A-506","metadata":false},{"id":84341,"structure_id":15693,"section_number":"8.8A-507","catch_line":"Duty of securities intermediary to comply with entitlement order","url":"\/8.8A-507\/","token":"8.8A\/5\/8.8A-507","metadata":false},{"id":68419,"structure_id":15693,"section_number":"8.8A-508","catch_line":"Duty of securities intermediary to change entitlement holder's position to other form of security holding","url":"\/8.8A-508\/","token":"8.8A\/5\/8.8A-508","metadata":false},{"id":78803,"structure_id":15693,"section_number":"8.8A-509","catch_line":"Specification of duties of securities intermediary by other statute or regulation; manner of performance of duties of securities intermediary and exercise of rights of entitlement holder","url":"\/8.8A-509\/","token":"8.8A\/5\/8.8A-509","metadata":false},{"id":68145,"structure_id":15693,"section_number":"8.8A-510","catch_line":"Rights of purchaser of security entitlement from entitlement holder","url":"\/8.8A-510\/","token":"8.8A\/5\/8.8A-510","metadata":false},{"id":74506,"structure_id":15693,"section_number":"8.8A-511","catch_line":"Priority among security interests and entitlement holders","url":"\/8.8A-511\/","token":"8.8A\/5\/8.8A-511","metadata":false}],"next_section":{"id":72041,"structure_id":15693,"section_number":"8.8A-502","catch_line":"Assertion of adverse claim against entitlement holder","url":"\/8.8A-502\/","token":"8.8A\/5\/8.8A-502","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.8A-501\/","history_text":"

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.<\/p>","references":[{"id":69812,"section_number":"8.8A-102","catch_line":"Definitions","order_by":null,"url":"\/8.8A-102\/"},{"id":72041,"section_number":"8.8A-502","catch_line":"Assertion of adverse claim against entitlement holder","order_by":null,"url":"\/8.8A-502\/"},{"id":58431,"section_number":"8.9A-102","catch_line":"Definitions and index of definitions","order_by":null,"url":"\/8.9A-102\/"}],"refers_to":false,"permalink":{"id":283783,"object_type":"law","relational_id":68902,"identifier":"8.8A-501","token":"8.8A\/5\/8.8A-501","url":"\/8.8A-501\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.8A-501\/","token":"8.8A\/5\/8.8A-501","dublin_core":{"Title":"Securities account; acquisition of security entitlement from securities intermediary","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.8A-501","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> “Securities account<\/span>” means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> Except as otherwise provided in subsections (d) and (e), a person acquires a security entitlement if a securities intermediary: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> indicates by book entry that a financial asset has been credited to the person’s securities account<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person’s securities account<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> becomes obligated under other law<\/span>, regulation, or rule to credit a financial asset to the person’s securities account<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> If a condition of subsection (b) has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order<\/span> of, or specially endorsed to the other person, and has not been endorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

e.<\/span> Issuance of a security is not establishment of a security entitlement. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSECURITIES ACCOUNT; ACQUISITION OF SECURITY ENTITLEMENT FROM SECURITIES\nINTERMEDIARY (\u00a7 8.8A-501)\n\na. “Securities account” means an account to which a financial asset\nis or may be credited in accordance with an agreement under which the person\nmaintaining the account undertakes to treat the person for whom the account is\nmaintained as entitled to exercise the rights that comprise the financial asset.\n\nb. Except as otherwise provided in subsections (d) and (e), a person acquires a\nsecurity entitlement if a securities intermediary:\n\n 1. indicates by book entry that a financial asset has been credited to the\n person’s securities account;\n\n 2. receives a financial asset from the person or acquires a financial asset\n for the person and, in either case, accepts it for credit to the\n person’s securities account; or\n\n 3. becomes obligated under other law, regulation, or rule to credit a\n financial asset to the person’s securities account.\n\nc. If a condition of subsection (b) has been met, a person has a security\nentitlement even though the securities intermediary does not itself hold the\nfinancial asset.\n\nd. If a securities intermediary holds a financial asset for another person, and\nthe financial asset is registered in the name of, payable to the order of, or\nspecially endorsed to the other person, and has not been endorsed to the\nsecurities intermediary or in blank, the other person is treated as holding the\nfinancial asset directly rather than as having a security entitlement with\nrespect to the financial asset.\n\ne. Issuance of a security is not establishment of a security entitlement.\n\nHISTORY: 1996, c. 216.","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}}