(a) Delivery of a certificated security to a purchaser occurs when:
(1) the purchaser acquires possession of the security certificate;
(2) another person, other than a securities intermediary, either acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the certificate, acknowledges that it holds for the purchaser; or
(3) a securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and is (i) registered in the name of the purchaser, (ii) payable to the order of the purchaser, or (iii) specially indorsed to the purchaser by an effective indorsement and has not been indorsed to the securities intermediary or in blank.
(b) Delivery of an uncertificated security to a purchaser occurs when:
(1) the issuer registers the purchaser as the registered owner, upon original issue or registration of transfer; or
(2) another person, other than a securities intermediary, either becomes the registered owner of the uncertificated security on behalf of the purchaser or, having previously become the registered owner, acknowledges that it holds for the purchaser.
(Acts 1996, No. 96-742, p. 1241, §1; Act 2001-481, p. 647, §2.)
Notes of Decisions
Mcmillan, Ltd. v. Warrior Drilling & Eng., 512 So. 2d 14 (Ala. 1987).
· cites it 12× “On June 1, 1983, Howell and Warrior amended their answer to further plead acquiescence and unclean hands, and to allege that McMillan's option did not constitute an "adverse claim" as defined in Code of 1975, § 7-8-301. Howell and Warrior also filed their own motions for summary…”
Butler v. Maxistorage, Inc., 33 So. 3d 1221 (Ala. Civ. App. 2009).
· cites it 2× ““Delivery” of securities occurs when the purchaser acquires possession of the security certificate, or someone designated by the purchaser acquires possession of a security, or when an identified security is still in the possession of a third person when that person acknowledges…”
State v. Pressley, 100 So. 3d 1058 (Ala. Civ. App. 2012).
“ty interest covers timber to be cut, a description of the land concerned; “(B) the collateral is not a certificated security and is in the possession of the secured party under Section 7-9A-B13 pursuant to the debtor’s security agreement; “(C) the collateral is a certificated…”
Lloyd v. Prof'l Realty Servs., Inc., 734 F.2d 1428 (11th Cir. 1984).
“Ala.Code § 7-8-301(1) (1977). . It is undisputed that the Lloyds submitted a letter expressing their intent to resign from their positions with PRS.”
Citizens Bank & Trust v. Piggly Wiggly Alabama Distrib. Co., 228 So. 3d 469 (Ala. Civ. App. 2017).
· cites it 4× “Accordingly, the trial court determined, Citizens did not perfect its security interest as required by § 7-8-301 and, thus, its rights were subordinate to Piggly Wiggly’s rights as a lien creditor.”
— Ala. Code § 7-8-301(1) — 2 cases
Mcmillan, Ltd. v. Warrior Drilling & Eng., 512 So. 2d 14 (Ala. 1987).
“On June 1, 1983, Howell and Warrior amended their answer to further plead acquiescence and unclean hands, and to allege that McMillan's option did not constitute an "adverse claim" as defined in Code of 1975, § 7-8-301. Howell and Warrior also filed their own motions for summary…”
Lloyd v. Prof'l Realty Servs., Inc., 734 F.2d 1428 (11th Cir. 1984).
“Ala.Code § 7-8-301(1) (1977). . It is undisputed that the Lloyds submitted a letter expressing their intent to resign from their positions with PRS.”
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