§ 34.1-9-328 — Priority of security interests in investment property

Wyoming § 34.1-9-328

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 9: SECURED TRANSACTIONS

Text

(a) The following rules govern priority among conflicting
security interests in the same investment property:
(i) A security interest held by a secured party
having control of investment property under section 34.1-9-106
has priority over a security interest held by a secured party
that does not have control of the investment property;
(ii) Except as otherwise provided in paragraphs (iii)
and (iv), conflicting security interests held by secured parties
each of which has control under section 34.1-9-106 rank
according to priority in time of:
(A) If the collateral is a security, obtaining
control;
(B) If the collateral is a security entitlement
carried in a securities account and:
(I) If the secured party obtained control
under section 34.1-8-106(d)(i), the secured party's becoming the
person for which the securities account is maintained;
(II) If the secured party obtained control
under section 34.1-8-106(d)(ii), the securities intermediary's
agreement to comply with the secured party's entitlement orders
with respect to security entitlements carried or to be carried
in the securities account; or
(III) If the secured party obtained control
through another person under section 34.1-8-106(d)(iii), the
time on which priority would be based under this paragraph if
the other person were the secured party; or
(C) If the collateral is a commodity contract
carried with a commodity intermediary, the satisfaction of the
requirement for control specified in section 34.1-9-106(b)(ii)
with respect to commodity contracts carried or to be carried
with the commodity intermediary.
(iii) A security interest held by a securities
intermediary in a security entitlement or a securities account
maintained with the securities intermediary has priority over a
conflicting security interest held by another secured party;
(iv) A security interest held by a commodity
intermediary in a commodity contract or a commodity account
maintained with the commodity intermediary has priority over a
conflicting security interest held by another secured party;
(v) A security interest in a certificated security in
registered form which is perfected by taking delivery under
section 34.1-9-313(a) and not by control under section
34.1-9-314 has priority over a conflicting security interest
perfected by a method other than control;
(vi) Conflicting security interests created by a
broker, securities intermediary or commodity intermediary which
are perfected without control under section 34.1-9-106 rank
equally;
(vii) In all other cases, priority among conflicting
security interests in investment property is governed by
sections 34.1-9-322 and 34.1-9-323.