Section 8--301. Delivery

(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.