Maine Legislature Maine Revised Statutes
  • Session Law
  • Statutes
  • Maine State Constitution
  • Information
  • §9-1328 PDF
  • §9-1328 MS-Word
  • Statute Search
  • Art. 9-A Contents
  • Title 11 Contents
  • List of Titles
  • Maine Law & Disclaimer
  • Revisor's Office
  • Maine Legislature
§9-1327
Title 11: UNIFORM COMMERCIAL CODE
Article 9-A: TRANSACTIONS
Part 3: PERFECTION AND PRIORITY
Subpart 3: PRIORITY
§9-1329

§9-1328. Priority of security interests in investment property

The following rules govern priority among conflicting security interests in the same investment property.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(1).  A security interest held by a secured party having control of investment property under section 9‑1106 has priority over a security interest held by a secured party that does not have control of the investment property.  
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2).  Except as otherwise provided in subsections (3) and (4), conflicting security interests held by secured parties each of which has control under section 9‑1106 rank according to priority in time of:  
(a). If the collateral is a security, obtaining control;   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). If the collateral is a security entitlement carried in a securities account and:  
(i) If the secured party obtained control under section 8‑1106, subsection (4), paragraph (a), the secured party's becoming the person for which the securities account is maintained;  
(ii) If the secured party obtained control under section 8‑1106, subsection (4), paragraph (b), 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 8‑1106, subsection (4), paragraph (c), the time on which priority would be based under this paragraph if the other person were the secured party; or   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(c). If the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in section 9‑1106, subsection (2), paragraph (b) with respect to commodity contracts carried or to be carried with the commodity intermediary.   [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3).  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.  
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4).  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.  
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(5).  A security interest in a certificated security in registered form that is perfected by taking delivery under section 9‑1313, subsection (1) and not by control under section 9‑1314 has priority over a conflicting security interest perfected by a method other than control.  
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(6).  Conflicting security interests created by a broker, securities intermediary or commodity intermediary that are perfected without control under section 9‑1106 rank equally.  
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(7).  In all other cases, priority among conflicting security interests in investment property is governed by sections 9‑1322 and 9‑1323.  
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1999, c. 699, §A2 (NEW). PL 1999, c. 699, §A4 (AFF).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public.
If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes · 7 State House Station · State House Room 108 · Augusta, Maine 04333-0007
Data for this page extracted on 9/28/2022 08:27:44.
Maine Government
Legislature • Executive • Judicial • Agency Rules
Visit the State House
Tour Guide • Accessibility • Security Screening • Directions & Parking
Email
Office of the Revisor of Statutes