409.206 Security interest arising in purchase or delivery of financial asset.
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409.206 Security interest arising in purchase or delivery of financial asset.
(1)Security interest when person buys through securities intermediary. 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 buyer’s securities account before the buyer pays the securities intermediary.
(2)Security interest secures obligation to pay for financial asset. The security interest described in sub.
(1)secures the person’s obligation to pay for the financial asset.