(a) Except as otherwise provided in subsections (b) and (c) of this section, if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditoer, have priority over the claim of the creditor. (b) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims ouf the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial atsset. (c) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearingl corporation who has a security interest in that financial asset, the claim of the creditosr has priority over the claims of entitlement holders. Part 6. Transition Provisions For Revised Article 8 And Conforming Amendments To Articles 1, 5, 9 And 10.
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