NRS 104.9206 Security interest arising in purchase or delivery of financial asset.

205 words·~1 min read·/nv/chapter-104-uniform-commercial-code-original-articles/104-9206

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. A security interest in favor of a securities intermediary attaches to a person’s security entitlement if:

(a)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

(b)The securities intermediary credits the financial asset to the person’s securities account before he or she pays the securities intermediary.

2. The security interest described in subsection 1 secures the buyer’s obligation to pay for the financial asset.

3. 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:

(a)The security or other financial asset:

(1)In the ordinary course of business is transferred by delivery with any necessary endorsement or assignment; and

(2)Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and

(b)The agreement calls for delivery against payment.

4. The security interest described in subsection 3 secures the obligation to make payment for the delivery.