35.1(1)The rules in this section govern priority among conflicting security interests in the same investment property.
35.1(2)A security interest of a secured party having control of investment property under subsection 1(2) has priority over a security interest of a secured party who does not have control of the investment property.
35.1(3)A security interest in a certificated security in registered form that is perfected by taking delivery under subsection 24(3) and not by control under section 24.1 has priority over a conflicting security interest perfected by a method other than control.
35.1(4)Except as otherwise provided in subsections (5) and (6), conflicting security interests of secured parties each of whom has control under subsection 1(2) 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,
(i)
the secured party’s becoming the person for whom the securities account is maintained, if the secured party obtained control under paragraph 25(1)(a) of the Securities Transfer Act,
(ii)
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, if the secured party obtained control under paragraph 25(1)(b) of the Securities Transfer Act, or
(iii)
if the secured party obtained control through another person under paragraph 25(1)(c) of the Securities Transfer Act, when the other person obtained control, or
(c)
if the collateral is a futures contract carried with a futures intermediary, the satisfaction of the requirement for control specified in subparagraph 1(2)(d)(ii) with respect to futures contracts carried or to be carried with the futures intermediary.
35.1(5)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.
35.1(6)A security interest held by a futures intermediary in a futures contract or a futures account maintained with the futures intermediary has priority over a conflicting security interest held by another secured party.
35.1(7)Conflicting security interests granted by a broker, securities intermediary or futures intermediary that are perfected without control under subsection 1(2) rank equally.
35.1(8)In all other cases, priority among conflicting security interests in investment property is governed by section 35.
35.1(1)The rules in this section govern priority among conflicting security interests in the same investment property.
35.1(2)A security interest of a secured party having control of investment property under subsection 1(2) has priority over a security interest of a secured party who does not have control of the investment property.
35.1(3)A security interest in a certificated security in registered form that is perfected by taking delivery under subsection 24(3) and not by control under section 24.1 has priority over a conflicting security interest perfected by a method other than control.
35.1(4)Except as otherwise provided in subsections (5) and (6), conflicting security interests of secured parties each of whom has control under subsection 1(2) 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,
(i)
the secured party’s becoming the person for whom the securities account is maintained, if the secured party obtained control under paragraph 25(1)(a) of the Securities Transfer Act,
(ii)
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, if the secured party obtained control under paragraph 25(1)(b) of the Securities Transfer Act, or
(iii)
if the secured party obtained control through another person under paragraph 25(1)(c) of the Securities Transfer Act, when the other person obtained control, or
(c)
if the collateral is a futures contract carried with a futures intermediary, the satisfaction of the requirement for control specified in subparagraph 1(2)(d)(ii) with respect to futures contracts carried or to be carried with the futures intermediary.
35.1(5)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.
35.1(6)A security interest held by a futures intermediary in a futures contract or a futures account maintained with the futures intermediary has priority over a conflicting security interest held by another secured party.
35.1(7)Conflicting security interests granted by a broker, securities intermediary or futures intermediary that are perfected without control under subsection 1(2) rank equally.
35.1(8)In all other cases, priority among conflicting security interests in investment property is governed by section 35.