§ 554.9328

554.9328 Priority of security interests in investment property. The following rules govern priority among conflicting security interests in the same investment property: 1. A security interest held by a secured party having control of investment property under section 554.9106 has priority over a security interest held by a secured party that does nothave control of the investment property. 2. Except as otherwise provided in subsections 3 and 4, conflicting security interests held by secured parties each of which has control under section 554.9106 rank according to priorityin time of: a. if the collateral is a security, obtaining control;b. if the collateral is a security entitlement carried in a securities account and:(1) if the secured party obtained control under section 554.8106, subsection 4, paragraph 'a', the secured party’s becoming the person for which the securities account is maintained; (2) if the secured party obtained control under section 554.8106, subsection 4, paragraph 'b', the securities intermediary’s agreement to comply with the secured party’s entitlementorders with respect to security entitlements carried or to be carried in the securities account;or (3) if

ph 'b', the securities intermediary’s agreement to comply with the secured party’s entitlementorders with respect to security entitlements carried or to be carried in the securities account;or (3) if the secured party obtained control through another person under section 554.8106, subsection 4, paragraph 'c', the time on which priority would be based under this subsectionif the other person were the secured party; or c. if the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in section 554.9106, subsection2, paragraph 'b', with respect to commodity contracts carried or to be carried with thecommodity intermediary. 3. A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflictingsecurity interest held by another secured party. 4. A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over aconflicting security interest held by another secured party. 5.

y a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over aconflicting security interest held by another secured party. 5. A security interest in a certificated security in registered form which is perfected by taking delivery under section 554.9313, subsection 1, and not by control under section554.9314 has priority over a conflicting security interest perfected by a method other thancontrol. 6. Conflicting security interests created by a broker, securities intermediary, or commodity intermediary which are perfected without control under section 554.9106 rank equally. 7. In all other cases, priority among conflicting security interests in investment property is governed by sections 554.9322 and 554.9323. 2000 Acts, ch 1149, §48, 187Referred to in §554.9322 Sat Dec 23 11:01:58 2023 Iowa Code 2024, Section 554.9328 (25, 0)