408.511 Priority among security interests and entitlement holders.
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408.511 Priority among security interests and entitlement holders.
(1)Except as otherwise provided in subs.
(2)and
(3), 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.