11-9-206. Security interest arising in purchase or delivery of financial asset.

Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person’s security entitlement if:#

1. (1)

   The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and#

2. (2)

   The securities intermediary credits the financial asset to the buyer’s securities account before the buyer pays the securities intermediary.#

Security interest secures obligation to pay for financial asset. The security interest described in subsection (a) of this Code section secures the person’s obligation to pay for the financial asset.#

Security interest in payment against delivery transaction. A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:#

1. (1)

   The security or other financial asset:#

   1. (A)

      In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and#

   2. (B)

      Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and#

2. (2)

   The agreement calls for delivery against payment.#

Security interest secures obligation to pay for delivery. The security interest described in subsection (c) of this Code section secures the obligation to make payment for the delivery.#