Section 25-9-206 - 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) of this section 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; andb. 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) of this section secures the obligation to make payment for the delivery.N.C. Gen. Stat. § 25-9-206
1997-181, s. 6; 2000-169, s. 1.