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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