The rights and property interest of an entitlement holder with respect to a financial asset held through a securities intermediary (UCC § 8-102(a)(17)).

A security entitlement entitles the entitlement holder to rights against the securities intermediary and interest in property held by the securities intermediary. A security differs from a security entitlement because a person holding a security has a direct interest in the security. When a person holds a security through a securities account, the person does not own a direct interest in the security and only has an indirect interest in the security by having a security entitlement in that account.