§12A-8-511.

§12A-8-511.
   
   Priority Among Security Interests and Entitlement Holders.
   
   (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 creditor,
   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 of the securities intermediary's
   entitlement holders who have security entitlements with respect to
   that financial asset if the creditor has control over the financial
   asset.
   
   (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 clearing corporation who has a
   security interest in that financial asset, the claim of the creditor
   has priority over the claims of entitlement holders.