There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Article 8 Investment Securities
355.8.511 Priority among security interests and entitlement holders.
Download pdfasset to satisfy both its obligations to entitlement holders who have security
entitlements to that financial asset and its obligation to a creditor of the securities
intermediary who has a security interest in that financial asset, the claims of
entitlement holders, other than the creditor, have priority over the claim of the
creditor. (2) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the
securities intermediary's entitlement holders who have security entitlements with
respect to that financial asset if the creditor has control over the financial asset. (3) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a
financial asset and its obligation to a creditor of the clearing corporation who has a
security interest in that financial asset, the claim of the creditor has priority over the
claims of entitlement holders. Effective: January 1, 1997
History: Created 1996 Ky. Acts ch. 130, sec. 164, effective January 1, 1997.
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