SECTION 679.2061. Security interest arising in purchase or delivery of financial asset.
Latest version.
1(1) 2A security interest in favor of a securities intermediary attaches to a person’s security entitlement if:18(a) 19The 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
54(b) 55The securities intermediary credits the financial asset to the buyer’s securities account before the buyer pays the securities intermediary.
74(2) 75The security interest described in subsection (1) secures the person’s obligation to pay for the financial asset.
92(3) 93A security interest in favor of a person who delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:123(a) 124The security or other financial asset:1301. 131In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and
1482. 149Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and
168(b) 169The agreement calls for delivery against payment.
176(4) 177The security interest described in subsection (3) secures the obligation to make payment for the delivery.
Bills Cite this Section:
None
Cited by Court Cases:
None
var val = document.getElementById('citecontent').innerHTML;
var href = decodeURIComponent(window.location.href);
var url = decodeURIComponent(escape(href.split("#")[0]));
url = decodeURIComponent(escape(url.split(",")[0]));
art.dialog.defaults.title = url;
art.dialog.data('cite', val);
art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');
