§12A-9-115.

§12A-9-115.
   
   Investment Property.
   
   (1) In this article:
   
   (a) "Commodity account" means an account maintained by a commodity
   intermediary in which a commodity contract is carried for a commodity
   customer;
   
   (b) "Commodity contract" means a commodity futures contract, an option
   on a commodity futures contract, a commodity option, or other contract
   that, in each case, is:
   
   (i) traded on or subject to the rules of a board of trade that has
   been designated as a contract market for such a contract pursuant to
   the federal commodities law; or
   
   (ii) traded on a foreign commodity board of trade, exchange, or
   market, and is carried on the books of a commodity intermediary for a
   commodity customer;
   
   (c) "Commodity customer" means a person for whom a commodity
   intermediary carries a commodity contract on its books;
   
   (d) "Commodity intermediary" means:
   
   (i) a person who is registered as a futures commission merchant under
   the federal commodities laws; or
   
   (ii) a person who in the ordinary course of its business provides
   clearance or settlement services for a board of trade that has been
   designated as a contract market pursuant to the federal commodities
   law;
   
   (e) "Control" with respect to a certificated security, uncertificated
   security, or security entitlement has the meaning specified in Section
   8-106 of this title. A secured party has control over a commodity
   contract if by agreement among the commodity customer, the commodity
   intermediary, and the secured party, the commodity intermediary has
   agreed that it will apply any value distributed on account of the
   commodity contract as directed by the secured party without further
   consent by the commodity customer. If a commodity customer grants a
   security interest in a commodity contract to its own commodity
   intermediary, the commodity intermediary as secured party has control.
   A secured party has control over a securities account or commodity
   account if the secured party has control over all security
   entitlements or commodity contracts carried in the securities account
   or commodity account; and
   
   (f) "Investment property" means:
   
   (i) a security, whether certificated or uncertificated;
   
   (ii) a security entitlement;
   
   (iii) a securities account;
   
   (iv) a commodity contract; or
   
   (v) a commodity account.
   
   (2) Attachment or perfection of a security interest in a securities
   account is also attachment or perfection of a security interest in all
   security entitlements carried in the securities account. Attachment or
   perfection of a security interest in a commodity account is also
   attachment or perfection of a security interest in all commodity
   contracts carried in the commodity account.
   
   (3) A description of collateral in a security agreement or financing
   statement is sufficient to create or perfect a security interest in a
   certificated security, uncertificated security, security entitlement,
   securities account, commodity contract, or commodity account whether
   it describes the collateral by those terms, or as investment property,
   or by description of the underlying security, financial asset, or
   commodity contract. A description of investment property collateral in
   a security agreement or financing statement is sufficient if it
   identifies the collateral by specific listing, by category, by
   quantity, by a computational or allocational formula or procedure, or
   by any other method, if the identity of the collateral is objectively
   determinable.
   
   (4) Perfection of a security interest in investment property is
   governed by the following rules:
   
   (a) A security interest in investment property may be perfected by
   control;
   
   (b) Except as otherwise provided in paragraphs (c) and (d) of this
   subsection, a security interest in investment property may be
   perfected by filing;
   
   (c) If the debtor is a broker or securities intermediary, a security
   interest in investment property is perfected when it attaches. The
   filing of a financing statement with respect to a security interest in
   investment property granted by a broker or securities intermediary has
   no effect for purposes of perfection or priority with respect to that
   security interest;
   
   (d) If a debtor is a commodity intermediary, a security interest in a
   commodity contract or a commodity account is perfected when it
   attaches. The filing of a financing statement with respect to a
   security interest in a commodity contract or a commodity account
   granted by a commodity intermediary has no effect for purposes of
   perfection or priority with respect to that security interest.
   
   (5) Priority between conflicting security interests in the same
   investment property is governed by the following rules:
   
   (a) A security interest of a secured party who has control over
   investment property has priority over a security interest of a secured
   party who does not have control over the investment property;
   
   (b) Except as otherwise provided in paragraphs (c) and (d) of this
   subsection, conflicting security interests of secured parties each of
   whom has control rank equally;
   
   (c) Except as otherwise agreed by the securities intermediary, a
   security interest in a security entitlement or a securities account
   granted to the debtor's own securities intermediary has priority over
   any security interest granted by the debtor to another secured party;
   
   (d) Except as otherwise agreed by the commodity intermediary, a
   security interest in a commodity contract or a commodity account
   granted to the debtor's own commodity intermediary has priority over
   any security interest granted by the debtor to another secured party;
   
   (e) Conflicting security interests granted by a broker, a securities
   intermediary, or a commodity intermediary which are perfected without
   control rank equally;
   
   (f) In all other cases, priority between conflicting security
   interests in investment property is governed by subsections (5), (6)
   and (7) of Section 9-312 of this title. Subsection (4) of Section
   9-312 of this title does not apply to investment property.
   
   (6) If a security certificate in registered form is delivered to a
   secured party pursuant to agreement, a written security agreement is
   not required for attachment or enforceability of the security
   interest, delivery suffices for perfection of the security interest,
   and the security interest has priority over a conflicting security
   interest perfected by means other than control, even if a necessary
   indorsement is lacking.