104.9206 - Security interest arising in purchase or delivery of financial asset.
104.9206 Security interest arising in purchase or delivery of financial asset.
1. A security interest in favor of a securities intermediary attaches to a person’s security entitlement if:
(a) The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and
(b) The securities intermediary credits the financial asset to the person’s securities account before he or she pays the securities intermediary.
2. The security interest described in subsection 1 secures the buyer’s obligation to pay for the financial asset.
3. A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:
(a) The security or other financial asset:
(1) In the ordinary course of business is transferred by delivery with any necessary endorsement or assignment; and
(2) Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and
(b) The agreement calls for delivery against payment.
4. The security interest described in subsection 3 secures the obligation to make payment for the delivery.
(Added to NRS by 1999, 297)