(1). A security interest in favor of a securities intermediary attaches to a person's security entitlement if:
(a). 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 [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2). The security interest described in subsection (1) secures the person's obligation to pay for the financial asset.
(3). 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:
(a). The security or other financial asset: (i) In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and (ii) Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(i) In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and
(ii) Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). The agreement calls for delivery against payment. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4). The security interest described in subsection (3) secures the obligation to make payment for the delivery.