Section 9--328. Priority of Security Interests in Investment Property.

The following rules govern priority among conflicting security
interests in the same investment property:

(a) A security interest held by a secured party having control of
investment property under Section 9--106 has priority over a security
interest held by a secured party that does not have control of the
investment property.

(b) Except as otherwise provided in paragraphs (c) and (d),
conflicting security interests held by secured parties each of which has
control under Section 9--106 rank according to priority in time of:

(1) if the collateral is a security, obtaining control;

(2) if the collateral is a security entitlement carried in a

securities account and:

(A) if the secured party obtained control under Section

8--106 (d) (1), the secured party's becoming the person

for which the securities account is maintained;

(B) if the secured party obtained control under Section

8--106 (d) (2), the securities intermediary's agreement

to comply with the secured party's entitlement orders

with respect to security entitlements carried or to be

carried in the securities account; or

(C) if the secured party obtained control through another

person under Section 8--106 (d) (3), the time on which

priority would be based under this paragraph if the other

person were the secured party; or

(3) if the collateral is a commodity contract carried with a

commodity intermediary, the satisfaction of the requirement

for control specified in Section 9--106 (b) (2) with respect

to commodity contracts carried or to be carried with the

commodity intermediary.

(c) A security interest held by a securities intermediary in a
security entitlement or a securities account maintained with the
securities intermediary has priority over a conflicting security
interest held by another secured party.

(d) A security interest held by a commodity intermediary in a
commodity contract or a commodity account maintained with the commodity
intermediary has priority over a conflicting security interest held by
another secured party.

(e) A security interest in a certificated security in registered form
which is perfected by taking delivery under Section 9--313 (a) and not
by control under Section 9--314 has priority over a conflicting security
interest perfected by a method other than control.

(f) Conflicting security interests created by a broker, securities
intermediary, or commodity intermediary which are perfected without
control under Section 9--106 rank equally.

(g) In all other cases, priority among conflicting security interests
in investment property is governed by Sections 9--322 and 9--323.

(h) Subsections (a) through (g) do not apply to cooperative interests.