Section 41-09-48 - (9-328) Priority of security interests in investment propertyThe 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 41-09-06 has priority over a security interest held by a secured party that does not have 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 41-09-06 rank according to priority in 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 subdivision a of subsection 4 of section 41-08-06, the secured party's becoming the person for which the securities account is maintained;(2) If the secured party obtained control under subdivision b of subsection 4 of section 41-08-06, the securities intermediary's agreement to comply with the secured party's entitlement orders 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 subdivision c of subsection 4 of section 41-08-06, the time on which priority would be based under this subsection if the other person were the secured party; orc. If the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in subdivision b of subsection 2 of section 41-09-06 with respect to commodity contracts carried or to be carried with the commodity 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 conflicting security 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 a conflicting 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 subsection 1 of section 41-09-33 and not by control under section 41-09-34 has priority over a conflicting security interest perfected by a method other than control.6. Conflicting security interests created by a broker, securities intermediary, or commodity intermediary which are perfected without control under section 41-09-06 rank equally.7. In all other cases, priority among conflicting security interests in investment property is governed by sections 41-09-42 and 41-09-43.