2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 85 - Security Entitlements
Section 8511 - Priority among security interests and entitlement holders

     § 8511.  Priority among security interests and entitlement
                holders.
        (a)  General rule.--Except as otherwise provided in
     subsections (b) and (c), if a securities intermediary does not
     have sufficient interests in a particular financial asset 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.
        (b)  When creditor of securities intermediary has control
     over financial asset.--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.
        (c)  Clearing corporations.--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.

        Cross References.  Section 8511 is referred to in section
     8503 of this title.