2010 Pennsylvania Code
Title 13 - COMMERCIAL CODE
Chapter 92 - Effectiveness of Security Agreement, Attachment of Security Interest and Rights of Parties to Security Agreement
9206 - Security interest arising in purchase or delivery of financial asset.

     § 9206.  Security interest arising in purchase or delivery of
                financial asset.
        (a)  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:
            (1)  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
            (2)  the securities intermediary credits the financial
        asset to the buyer's securities account before the buyer pays
        the securities intermediary.
        (b)  Security interest secures obligation to pay for
     financial asset.--The security interest described in subsection
     (a) secures the person's obligation to pay for the financial
     asset.
        (c)  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 all of the following apply:
            (1)  The security or other financial asset:
                (i)  in the ordinary course of business is
            transferred by delivery with any necessary indorsement or
            assignment; and
                (ii)  is delivered under an agreement between persons
            in the business of dealing with such securities or
            financial assets.
            (2)  The agreement calls for delivery against payment.
        (d)  Security interest secures obligation to pay for
     delivery.--The security interest described in subsection (c)
     secures the obligation to make payment for the delivery.

        Cross References.  Section 9206 is referred to in sections
     9203, 9309 of this title.