If a security interest in a security entitlement of a participant . . . | Then . . . |
(1) Meets all of the following criteria: | |
(i) is in favor of the United States (ii) is marked on the books of a Federal Reserve Bank (iii) is to secure deposits of public money (including without limitation deposits to the Treasury tax and loan accounts, or other security interested required by Federal statute, regulation, or agreement) | it is created; it is perfected; and it has priority over any other interest in the securities. |
31 C.F.R. §357.12