Section 9--328. Priority of Security Interests in Investment Property.\n The following rules govern priority among conflicting security\ninterests in the same investment property:\n (a) A security interest held by a secured party having control of\ninvestment property under Section 9--106 has priority over a security\ninterest held by a secured party that does not have control of the\ninvestment property.\n (b) Except as otherwise provided in paragraphs (c) and (d),\nconflicting security interests held by secured parties each of which has\ncontrol under Section 9--106 rank according to priority in time of:\n (1) if the collateral is a security, obtaining control;\n (2) if the collateral is a security entitlement carried in a\n securities account and:\n (A) if the secured party obtained control under Section\n 8--106 (d) (1), the secured party's becoming the person\n for which the securities account is maintained;\n (B) if the secured party obtained control under Section\n 8--106 (d) (2), the securities intermediary's agreement\n to comply with the secured party's entitlement orders\n with respect to security entitlements carried or to be\n carried in the securities account; or\n (C) if the secured party obtained control through another\n person under Section 8--106 (d) (3), the time on which\n priority would be based under this paragraph if the other\n person were the secured party; or\n (3) if the collateral is a commodity contract carried with a\n commodity intermediary, the satisfaction of the requirement\n for control specified in Section 9--106 (b) (2) with respect\n to commodity contracts carried or to be carried with the\n commodity intermediary.\n (c) A security interest held by a securities intermediary in a\nsecurity entitlement or a securities account maintained with the\nsecurities intermediary has priority over a conflicting security\ninterest held by another secured party.\n (d) A security interest held by a commodity intermediary in a\ncommodity contract or a commodity account maintained with the commodity\nintermediary has priority over a conflicting security interest held by\nanother secured party.\n (e) A security interest in a certificated security in registered form\nwhich is perfected by taking delivery under Section 9--313 (a) and not\nby control under Section 9--314 has priority over a conflicting security\ninterest perfected by a method other than control.\n (f) Conflicting security interests created by a broker, securities\nintermediary, or commodity intermediary which are perfected without\ncontrol under Section 9--106 rank equally.\n (g) In all other cases, priority among conflicting security interests\nin investment property is governed by Sections 9--322 and 9--323.\n (h) Subsections (a) through (g) do not apply to cooperative interests.\n
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