Arizona § 47-9206 Security interest arising in purchase or delivery of financial asset

Arizona Statutes

§ 47-9206 — Security interest arising in purchase or delivery of financial asset

Arizona·Title 47 Arizona Revised Statutes·Ch. 9 SECURED TRANSACTIONS·Art. 2 Effectiveness of Security Agreement, Attachment of Security Interest and Rights of Parties to Security Agreement

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 fin

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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.

Arizona § 47-9206 (Security interest arising in purchase or delivery of financial asset) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.