2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 93 - Perfection and Priority
Section 9328 - Priority of security interests in investment property

     § 9328.  Priority of security interests in investment property.
        The following rules govern priority among conflicting
     security interests in the same investment property:
            (1)  A security interest of a secured party having
        control of investment property under section 9106 (relating
        to control of investment property) has priority over a
        security interest of a secured party that does not have
        control over the investment property.
            (2)  Except as otherwise provided in paragraphs (3) and
        (4), conflicting security interests held by secured parties
        each of which has control under section 9106 rank according
        to priority in time of:
                (i)  if the collateral is a security, obtaining
            control;
                (ii)  if the collateral is a security entitlement
            carried in a securities account and:
                    (A)  if the secured party obtained control under
                section 8106(d)(1) (relating to control), the secured
                party's becoming the person for which the securities
                account is maintained;
                    (B)  if the secured party obtained control under
                section 8106(d)(2), 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
                    (C)  if the secured party obtained control
                through another person under section 8106(d)(3), the
                time on which priority would be based under this
                subsection if the other person were the secured
                party; or
                (iii)  if the collateral is a commodity contract
            carried with a commodity intermediary, the satisfaction
            of the requirement for control specified in section
            9106(b)(2) with respect to commodity contracts carried or
            to be carried with the commodity intermediary.
            (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.
            (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.
            (5)  A security interest in a certificated security in
        registered form which is perfected by taking delivery under
        section 9313(a) (relating to perfection by possession or
        delivery) and not by control under section 9314 (relating to
        perfection by control) has priority over a conflicting
        security interest perfected by a method other than control.
            (6)  Conflicting security interests created by a broker,
        securities intermediary or commodity intermediary which are
        perfected without control under section 9106 rank equally.
            (7)  In all other cases, priority among conflicting
        security interests in investment property is governed by
        sections 9322 (relating to priorities among conflicting
        security interests in and agricultural liens on same
        collateral) and 9323 (relating to future advances).

        Cross References.  Section 9328 is referred to in section
     9322 of this title.