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<section article="gcl" article_name="Commercial Law" number="9-206" title_number="9" title_name="Secured Transactions" subtitle_number="2" subtitle_name="Effectiveness of Security Agreement; Attachment of Security Agreement; Rights of Parties to Security Agreement">
  <level label="a">
    <text>A security interest in favor of a securities intermediary attaches to a person’s security entitlement if:</text>
    <level label="1">
      <text>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</text>
    </level>
    <level label="2">
      <text>The securities intermediary credits the financial asset to the buyer’s securities account before the buyer pays the securities intermediary.</text>
    </level>
  </level>
  <level label="b">
    <text>The security interest described in subsection (a) secures the person’s obligation to pay for the financial asset.</text>
  </level>
  <level label="c">
    <text>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:</text>
    <level label="1">
      <text>The security or other financial asset:</text>
      <level label="A">
        <text>In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and</text>
      </level>
      <level label="B">
        <text>Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and</text>
      </level>
    </level>
    <level label="2">
      <text>The agreement calls for delivery against payment.</text>
    </level>
  </level>
  <level label="d">
    <text>The security interest described in subsection (c) secures the obligation to make payment for the delivery.</text>
  </level>
</section>
