§12A-9-116.

§12A-9-116.
   
   Security Interest Arising in Purchase or Delivery of Financial Asset.
   
   (1) If a person buys a financial asset through a securities
   intermediary in a transaction in which the buyer is obligated to pay
   the purchase price to the securities intermediary at the time of the
   purchase, and the securities intermediary credits the financial asset
   to the buyer's securities account before the buyer pays the securities
   intermediary, the securities intermediary has a security interest in
   the buyer's security entitlement securing the buyer's obligation to
   pay. A security agreement is not required for attachment or
   enforceability of the security interest, and the security interest is
   automatically perfected.
   
   (2) If a certificated security, or other financial asset represented
   by a writing which in the ordinary course of business is transferred
   by delivery with any necessary indorsement or assignment is delivered
   pursuant to an agreement between persons in the business of dealing
   with such securities or financial assets and the agreement calls for
   delivery versus payment, the person delivering the certificate or
   other financial asset has a security interest in the certificated
   security or other financial asset securing the seller's right to
   receive payment. A security agreement is not required for attachment
   or enforceability of the security interest and the security interest
   is automatically perfected.