(c) 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.
(d) 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 indorsed to the other person, and has not been
indorsed 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) Issuance of a security is not establishment of a security
(Source: P.A. 89-364, eff. 1-1-96.)