South Dakota § 57A-9-206 Interest in favor of securities intermediary--Interest in favor of person who delivers financial asset.

South Dakota Statutes

§ 57A-9-206 — Interest in favor of securities intermediary--Interest in favor of person who delivers financial asset.

South Dakota·Title 57A UNIFORM COMMERCIAL CODE·Ch. 57A-6 SECURED TRANSACTIONS

(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

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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.

South Dakota § 57A-9-206 (Interest in favor of securities intermediary--Interest in favor of person who delivers financial asset.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.