7. The choice of law provisions concerning security interests in securities and security entitlements are set out in Section 9- 103(6) 9-305 [Maine cite section 9-1305].

Sec. B-23. 11 MRSA §8-1301, sub-§(1), ¶(c), as enacted by PL 1997, c. 429, Pt. B, §2, is amended to read:

(c) A securities intermediary acting on behalf of the purchaser acquires possession of the security certificate, only if the certificate is in registered form and has been specially indorsed to the purchaser by an effective indorsement 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.

Official Comment

2. Subsection (a) defines delivery with respect to certificated securities. Paragraph (1) deals with simple cases where purchasers themselves acquire physical possession of certificates. Paragraphs (2) and (3) of subsection (a) specify the circumstances in which delivery to a purchaser can occur although the certificate is in the possession of a person other than the purchaser. Paragraph (2) contains the general rule that a purchaser can take delivery through another person, so long as the other person is actually acting on behalf of the purchaser or acknowledges that it is holding on behalf of the purchaser. Paragraph (2) does not apply to acquisition of possession by a securities intermediary, because a person who holds securities through a securities account acquires a security entitlement, rather than having a direct interest. See Section 8-501. Subsection (a)(3) specifies the limited circumstances in which delivery of security certificates to a securities intermediary is treated as a delivery to the customer. Note that delivery is a