T-11.002 - Act respecting the transfer of securities and the establishment of security entitlements
105. A person is not considered to have a security entitlement with respect to a financial asset if a securities intermediary holds the financial asset for that person and the financial asset
(1) is registered in the name of, payable to the order of or specially endorsed to that person; and
(2) has not been endorsed to the securities intermediary or in blank.