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Section: 400.009.0206 Security interest arising in purchase or delivery of financial asset. RSMO 400.09-206


Published: 2015

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Missouri Revised Statutes













Chapter 400

Uniform Commercial Code

←400.09-205

Section 400.9-206.1

400.09-207→

August 28, 2015

Security interest arising in purchase or delivery of financial asset.

400.9-206. (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 endorsement 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. 1963 p. 503 § 9-206, A.L. 1969 p. 78, A.L. 2001 S.B. 288)



Effective 7-01-01





1991



1991



400.9-206. (1) Subject to any statute or decision which

establishes a different rule for buyers or lessees of consumer

goods, an agreement by a buyer or lessee that he will not assert

against an assignee any claim or defense which he may have

against the seller or lessor is enforceable by an assignee who

takes his assignment for value, in good faith and without notice

of a claim or defense, except as to defenses of a type which may

be asserted against a holder in due course of a negotiable

instrument under the article on commercial paper (article 3). A

buyer who as part of one transaction signs both a negotiable

instrument and a security agreement makes such an agreement.



(2) When a seller retains a purchase money security interest

in goods the article on sales (article 2) governs the sale and

any disclaimer, limitation or modification of the seller's

warranties.



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