409.328 Priority of security interests in investment property.
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/wi/chapter-409/409-328A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
409.328 Priority of security interests in investment property. The following rules govern priority among conflicting security interests in the same investment property:
(1)Control by secured party. A security interest held by a secured party having control of investment property under s. 409.106 has priority over a security interest held by a secured party that does not have control of the investment property.
(2)Priority in time of control. Except as otherwise provided in subs.
(3)and
(4), conflicting security interests held by secured parties each of which has control under s. 409.106 rank according to priority in time of:
(a)If the collateral is a security, obtaining control;
(b)If the collateral is a security entitlement carried in a securities account and:
1. If the secured party obtained control under s. 408.106
(a), the secured party’s becoming the person for which the securities account is maintained;
2. If the secured party obtained control under s. 408.106
(b), 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
3. If the secured party obtained control through another person under s. 408.106
(c), the time on which priority would be based under this subsection if the other person were the secured party; or