Part 9 — Security Certificates, Registers and Transfers Division 1 Interpretation and Application
212 Presumption of ownership
purchaser by a securities broker, but a purchaser is not a holder
except in the cases described in sections 211(b) and (c).
(2) If a security is part of a fungible bulk, a purchaser of the
security is the owner of the proportionate interest in the fungible
bulk.
(3) Notice of an adverse claim received by a securities broker or
by a purchaser after the broker takes delivery as a holder for value
is not effective against the broker or the purchaser, except that, as
between the broker and the purchaser, the purchaser may demand
delivery of an equivalent security in respect of which no notice of
an adverse claim has been received.