ORS 78.5100
Rights of purchaser of security entitlement from entitlement holder

(1)

In a case not covered by the priority rules in ORS chapter 79 or the rules stated in subsection (3) of this section, an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien or other theory, may not be asserted against a person who purchases a security entitlement, or an interest therein, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim and obtains control.

(2)

If an adverse claim could not have been asserted against an entitlement holder under ORS 78.5020 (Assertion of adverse claim against entitlement holder), the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest therein, from the entitlement holder.

(3)

In a case not covered by the priority rules in ORS chapter 79, a purchaser for value of a security entitlement, or an interest therein, who obtains control has priority over a purchaser of a security entitlement, or an interest therein, who does not obtain control. Except as otherwise provided in subsection (4) of this section, purchasers who have control rank according to priority in time of:

(a)

The purchaser’s becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under ORS 78.1060 (Control) (4)(a);

(b)

The securities intermediary’s agreement to comply with the purchaser’s entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under ORS 78.1060 (Control) (4)(b); or

(c)

If the purchaser obtained control through another person under ORS 78.1060 (Control) (4)(c), the time on which priority would be based under this subsection if the other person were the secured party.

(4)

A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary. [1995 c.328 §50; 2001 c.445 §156]

Source: Section 78.5100 — Rights of purchaser of security entitlement from entitlement holder, https://www.­oregonlegislature.­gov/bills_laws/ors/ors078.­html.

78.1010
Short title 78.1020
Definitions and index of definitions 78.1030
Rules for determining whether certain obligations and interests are securities or financial assets 78.1040
Acquisition of security or financial asset or interest therein 78.1050
Notice of adverse claim 78.1060
Control 78.1070
Whether indorsement, instruction or entitlement order is effective 78.1080
Warranties in direct holding 78.1090
Warranties in indirect holding 78.1100
Applicability 78.1110
Clearing corporation rules 78.1120
Creditor’s legal process 78.1130
Statute of frauds inapplicable 78.1140
Evidentiary rules concerning certificated securities 78.1150
Securities intermediary and others not liable to adverse claimant 78.1160
Securities intermediary as purchaser for value 78.2010
“Issuer.” 78.2020
Terms of security 78.2030
Staleness as notice of defects or defenses 78.2040
Effect of issuer’s restriction on transfer 78.2050
Effect of unauthorized signature on security certificate 78.2060
Completion or alteration of security certificate 78.2070
Rights of issuer with respect to registered owners 78.2080
Effect of signature of authenticating trustee, registrar or transfer agent 78.2090
Issuer’s lien 78.2100
Overissue 78.3010
Delivery 78.3020
Rights of purchaser 78.3030
“Protected purchaser.” 78.3040
Indorsement 78.3050
Instruction 78.3060
Effect of guaranteeing signature, indorsement or instruction 78.3070
Purchaser’s rights to requisites for registration of transfer 78.4010
Duty of issuer to register transfer 78.4020
Assurance that indorsement or instruction is effective 78.4030
Demand that issuer not register transfer 78.4040
Wrongful registration 78.4050
Replacement of lost, destroyed or wrongfully taken security certificate 78.4060
Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate 78.4070
Authenticating trustee, transfer agent and registrar 78.5010
Securities account 78.5020
Assertion of adverse claim against entitlement holder 78.5030
Property interest of entitlement holder in financial asset held by securities intermediary 78.5040
Duty of securities intermediary to maintain financial asset 78.5050
Duty of securities intermediary with respect to payments and distributions 78.5060
Duty of securities intermediary to exercise rights as directed by entitlement holder 78.5070
Duty of securities intermediary to comply with entitlement order 78.5080
Duty of securities intermediary to change entitlement holder’s position to other form of security holding 78.5090
Specification of duties of securities intermediary by other statute or regulation 78.5100
Rights of purchaser of security entitlement from entitlement holder 78.5110
Priority among security interests and entitlement holders
Green check means up to date. Up to date

Current through early 2024

§ 78.5100’s source at oregon​.gov