control of the investment property. (2) Except as otherwise provided in Subsections (3) and (4), conflicting security interests held by secured parties each of which has control under Section 70A-9a-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: (i) if the secured party obtained control under Subsection 70A-8-105(4)(a), the secured party's becoming the person for which the securities account is maintained; (ii) if the secured party obtained control under Subsection 70A-8-105(4)(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 (iii) if the secured party obtained control through another person under Subsection 70A-8-105(4)(c), the time on which priority would be based under this subsection if the other person were the secured party; or (c) if the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in Subsection 70A-9a-106(2)(b) with respect to commodity contracts carried or to be carried with the commodity intermediary. (3) A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party. (4) A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party. (5) A security interest in a certificated security in registered form which is perfected by taking delivery under Subsection 70A-9a-313(1) and not by control under Section 70A-9a-314 has priority over a conflicting security interest perfected by a method other than control. (6) Conflicting security interests created by a broker, securities intermediary, or commodity intermediary which are perfected without control under Section 70A-9a-106 rank equally. (7) In all other cases, priority among conflicting security interests in investment property is governed by Sections 70A-9a-322 and 70A-9a-323.
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