Section 9--206. Security  Interest  Arising  in  Purchase or Delivery of
                    Financial Asset.
    (a) Security   interest   when   person   buys   through    securities
  intermediary.  A security interest in favor of a securities intermediary
  attaches to a person's security entitlement if:
         (1) 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
         (2) the securities intermediary credits the  financial  asset  to
             the  buyer's  securities  account  before  the buyer pays the
             securities intermediary.
    (b) Security interest secures obligation to pay for  financial  asset.
  The  security  interest described in subsection (a) secures the person's
  obligation to pay for the financial asset.
    (c) Security interest  in  payment  against  delivery  transaction.  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:
         (1) the security or other financial asset:
             (A) in  the  ordinary  course  of  business is transferred by
                 delivery with any necessary  indorsement  or  assignment;
                 and
             (B) is  delivered  under  an agreement between persons in the
                 business of dealing with  such  securities  or  financial
                 assets; and
         (2) the agreement calls for delivery against payment.
    (d) Security  interest  secures  obligation  to  pay for delivery. The
  security interest described in subsection (c) secures the obligation  to
  make payment for the delivery.