securities account

securities account
USA
An account to which a financial asset is or may be credited in accordance with an agreement whereby the financial institution maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset (UCC §8-501(a)). A financial asset in general terms is (UCC §8-102(a)(9)):
• A security.
• An obligation or an interest in a person which is of a type dealt in or traded on financial markets, or which is recognized as a medium for investment.
• Any other property held in a securities account which the financial institution maintaining the account has expressly agreed is to be treated as a financial asset under Article 8 of the UCC.
See also

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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