(1) A security interest held by a secured party having control of investment property under s. 679.1061 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 s. 679.1061 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 s. 678.1061(4)(a), the secured party’s becoming the person for which the securities account is maintained;
2. If the secured party obtained control under s. 678.1061(4)(b), 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 s. 678.1061(4)(c), the time on which priority would be based under this paragraph if the other person were the secured party; or
(c) If the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in s. 679.1061(2)(b) 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 s. 679.3131(1) and not by control under s. 679.3141 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 s. 679.1061 rank equally.
(7) In all other cases, priority among conflicting security interests in investment property is governed by ss. 679.322 and 679.323.
History.—s. 3, ch. 2001-198.
Structure Florida Statutes
Title XXXIX - Commercial Relations
Chapter 679 - Uniform Commercial Code: Secured Transactions
Part III - Perfection and Priority (Ss. 679.3011-679.342)
679.3011 - Law governing perfection and priority of security interests.
679.3021 - Law governing perfection and priority of agricultural liens.
679.3041 - Law governing perfection and priority of security interests in deposit accounts.
679.3051 - Law governing perfection and priority of security interests in investment property.
679.3061 - Law governing perfection and priority of security interests in letter-of-credit rights.
679.3071 - Location of debtor.
679.3081 - When security interest or agricultural lien is perfected; continuity of perfection.
679.3091 - Security interest perfected upon attachment.
679.3141 - Perfection by control.
679.3151 - Secured party’s rights on disposition of collateral and in proceeds.
679.3161 - Continued perfection of security interest following change in governing law.
679.3171 - Interests that take priority over or take free of security interest or agricultural lien.
679.319 - Rights and title of consignee with respect to creditors and purchasers.
679.321 - Licensee of general intangible and lessee of goods in ordinary course of business.
679.324 - Priority of purchase-money security interests.
679.325 - Priority of security interests in transferred collateral.
679.326 - Priority of security interests created by new debtor.
679.327 - Priority of security interests in deposit account.
679.328 - Priority of security interests in investment property.
679.329 - Priority of security interests in letter-of-credit right.
679.330 - Priority of purchaser of chattel paper or instrument.
679.332 - Transfer of money; transfer of funds from deposit account.
679.333 - Priority of certain liens arising by operation of law.
679.334 - Priority of security interests in fixtures and crops.
679.337 - Priority of security interests in goods covered by certificate of title.
679.339 - Priority subject to subordination.
679.340 - Effectiveness of right of recoupment or set-off against deposit account.
679.341 - Bank’s rights and duties with respect to deposit account.
679.342 - Bank’s right to refuse to enter into or disclose existence of control agreement.