§ 34.1-9-206 — Security interest arising in purchase or delivery of financial asset

(a) A security interest in favor of a securities
intermediary attaches to a person's security entitlement if:
(i) 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
(ii) 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:
(i) 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
(ii) The agreement calls for delivery against
payment.
(d) The security interest described in subsection (c)
secures the obligation to make payment for the delivery.