Section 1-9-206 - Security interest arising in purchase or delivery of financial asset(a) A security interest in favor of a securities intermediary attaches to a person's security entitlement if: (1) 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(2) the securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.(b) The security interest described in subsection (a) of this section secures the person's obligation to pay for the financial asset.(c) 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:(1) the security or other financial asset:(A) in the ordinary course of business is transferred by delivery with any necessary endorsement or assignment; and(B) is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and(2) the agreement calls for delivery against payment.(d) The security interest described in subsection (c) of this section secures the obligation to make payment for the delivery.Okla. Stat. tit. 12A, § 1-9-206
Added by Laws 2000 , SB 1519, c. 371, § 16, eff. 7/1/2001.Oklahoma Code Comment
This section was new when added to Oklahoma law in 1996 as section 9-116 . It is moved here in the reorganization accomplished under revised Article 9, and former section 9-206 is moved to Part 4 of revised Article 9.
Section 9-206(a) and (b) provide a statutory security interest to a securities intermediary who credits a purchaser's account, by transfer of securities to the purchaser, prior to the purchaser's payment. Section 9-206(c) and (d) protect parties in the securities business who deliver securities by physical transfer before payment. The buyer of the delivered securities accepts them subject to count and examination for proper indorsement, with sequential settlement, and section 9-206(c) and (d) protect the seller of the securities from the risk that the buyer might default during the time after delivery and before payment by granting a statutory security interest.
Perfection of these security interests is governed by revised sections 9-314 , 8-106 and 9-309(9) .