information:extraction, structural:summarization, information:highlighting
Article 8

The ownership of securities is governed by Article 8 of the Uniform Commercial Code (UCC). This Article 8, a text of about 30 pages, underwent important recasting in 1994. That update of the UCC treats the majority of the transfers of interests in securities as transfers of interests in securities entitlements in issues held primarily by two American central securities depositories, respectively The Depository Trust Company (DTC) primarily for securities issued by corporations and the Federal Reserve for securities issued by the U.S. Treasury Department. In this centralised intermediated system, the title transfer of the interests in the securities to the investor does not take place at the time of the registration of shares in the issue with the issuer's registrar for the investor, but rather within the intermediated systems custodied and managed by DTC or by the Federal Reserve.