JurisdictionWisconsinCh. 409Uniform commercial code — secured transactions
Subch.subch. II of ch. 409 SUBCHAPTER II
EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT
This text of Wisconsin § 409.206 (Security interest arising in purchase or delivery of financial asset.) is published on Counsel Stack Legal Research, covering Wisconsin primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
409.206
409.206(1) (1) 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:
409.206(1)(a) (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
409.206(1)(b) (b) The securities intermediary credits the financial asset to the buyer’s securities account before the buyer pays the securities intermediary.
409.206(2) (2) Security interest secures obligation to pay for financial asset. The security interest described in sub.
(1)secures the person’s obligation to pay for the financial asset.
409.206(3) (3) Security inte
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409.206
409.206(1) (1) 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:
409.206(1)(a) (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
409.206(1)(b) (b) The securities intermediary credits the financial asset to the buyer’s securities account before the buyer pays the securities intermediary.
409.206(2) (2) Security interest secures obligation to pay for financial asset. The security interest described in sub. (1) secures the person’s obligation to pay for the financial asset.
409.206(3) (3) 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:
409.206(3)(a) (a) The security or other financial asset:
409.206(3)(a)1. 1. In the ordinary course of business is transferred by delivery with any necessary endorsement or assignment; and
409.206(3)(a)2. 2. Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and
409.206(3)(b) (b) The agreement calls for delivery against payment.
409.206(4) (4) Security interest secures obligation to pay for delivery. The security interest described in sub. (3) secures the obligation to make payment for the delivery.