47-9206. 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.