Beverly Berta Braakschmack
An entitlement holder�s property interest with respect to a particular financial asset under subsection (1) may be enforced against a purchaser of the financial asset, or interest in it, only if (a) bankruptcy or insolvency proceedings have been initiated by or against the securities intermediary, (b) the securities intermediary does not have sufficient interests in the financial asset to satisfy the security entitlements of all of its entitlement holders to that financial asset, (c) the securities intermediary violated its obligations under section 98 by transferring the financial asset, or interest in it, to the purchaser, and (d) the purchaser is not protected under subsection