§490:9-206  Security interest arising in

purchase or delivery of financial asset.  (a)  A security interest in favor

of a securities intermediary attaches to a person's security entitlement if:

     (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)  The securities intermediary credits the financial

asset to the buyer's securities account before the buyer pays the securities

intermediary.

     (b)  The security interest described in

subsection (a) secures the person's obligation to pay for the financial asset.

     (c)  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)  The security or other financial asset:

         (A)  In the ordinary course of business is

transferred by delivery with any necessary indorsement or assignment; and

         (B)  Is delivered under an agreement between

persons in the business of dealing with such securities or financial assets;

and

     (2)  The agreement calls for delivery against payment.

     (d)  The security interest described in

subsection (c) secures the obligation to make payment for the delivery. [L

2000, c 241, pt of §1]