                                 CODE OF VIRGINIA

SECURITIES INTERMEDIARY AS PURCHASER FOR VALUE (§ 8.8A-116)

A securities intermediary that receives a financial asset and establishes a
security entitlement to the financial asset in favor of an entitlement holder is
a purchaser for value of the financial asset. A securities intermediary that
acquires a security entitlement to a financial asset from another securities
intermediary acquires the security entitlement for value if the securities
intermediary acquiring the security entitlement establishes a security
entitlement to the financial asset in favor of an entitlement holder.

HISTORY: 1996, c. 216.