Section 9--206. Security Interest Arising in Purchase or Delivery of

Financial Asset.

(a) Security interest when person buys through securities
intermediary. 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) Security interest secures obligation to pay for financial asset.
The security interest described in subsection (a) secures the person's
obligation to pay for the financial asset.

(c) Security interest in payment against delivery transaction. 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) Security interest secures obligation to pay for delivery. The
security interest described in subsection (c) secures the obligation to
make payment for the delivery.