Nevada Revised Statutes (Last Updated: December 24, 2014) |
TITLE8 COMMERCIAL INSTRUMENTS AND TRANSACTIONS |
CHAPTER104. Uniform Commercial Code—Original Articles |
ARTICLE9. SECURED TRANSACTIONS |
PART2. Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement |
NRS104.9206. 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)