(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) 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; and
(B) 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.
Structure West Virginia Code
Chapter 46. Uniform Commercial Code
Article 9. Secured Transactions; Sales of Accounts and Chattel Paper
§46-9-102. Definitions and Index of Definitions
§46-9-103. Purchase-Money Security Interest; Application of Payments; Burden of Establishing
§46-9-104. Control of Deposit Account
§46-9-105. Control of Electronic Chattel Paper
§46-9-106. Control of Investment Property
§46-9-107. Control of Letter-of-Credit Right
§46-9-108. Sufficiency of Description
§46-9-110. Security Interests Arising Under Article Two or Two-A
§46-9-201. General Effectiveness of Security Agreement
§46-9-202. Title to Collateral Immaterial
§46-9-204. After-Acquired Property; Future Advances
§46-9-205. Use or Disposition of Collateral Permissible
§46-9-206. Security Interest Arising in Purchase or Delivery of Financial Asset
§46-9-207. Rights and Duties of Secured Party Having Possession or Control of Collateral
§46-9-208. Additional Duties of Secured Party Having Control of Collateral
§46-9-209. Duties of Secured Party if Account Debtor Has Been Notified of Assignment
§46-9-210. Request for Accounting; Request Regarding List of Collateral or Statement of Account
§46-9-301. Law Governing Perfection and Priority of Security Interests
§46-9-302. Law Governing Perfection and Priority of Agricultural Liens
§46-9-304. Law Governing Perfection and Priority of Security Interests in Deposit Accounts
§46-9-305. Law Governing Perfection and Priority of Security Interests in Investment Property
§46-9-306. Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights
§46-9-308. When Security Interest or Agricultural Lien Is Perfected; Continuity of Perfection
§46-9-309. Security Interest Perfected Upon Attachment
§46-9-313. When Possession by or Delivery to Secured Party Perfects Security Interest Without Filing
§46-9-314. Perfection by Control
§46-9-315. Secured Party's Rights on Disposition of Collateral and in Proceeds
§46-9-316. Effect of Change in Governing Law
§46-9-317. Interests That Take Priority Over or Take Free of Security Interest or Agricultural Lien
§46-9-319. Rights and Title of Consignee With Respect to Creditors and Purchasers
§46-9-321. Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business
§46-9-324. Priority of Purchase-Money Security Interests
§46-9-324a. Priority of Production-Money Security Interests and Agricultural Liens
§46-9-325. Priority of Security Interests in Transferred Collateral
§46-9-326. Priority of Security Interests Created by New Debtor
§46-9-327. Priority of Security Interests in Deposit Account
§46-9-328. Priority of Security Interests in Investment Property
§46-9-329. Priority of Security Interests in Letter-of-Credit Right
§46-9-330. Priority of Purchaser of Chattel Paper or Instrument
§46-9-332. Transfer of Money; Transfer of Funds From Deposit Account
§46-9-333. Priority of Certain Liens Arising by Operation of Law
§46-9-334. Priority of Security Interests in Fixtures and Crops
§46-9-337. Priority of Security Interests in Goods Covered by Certificate of Title
§46-9-339. Priority Subject to Subordination
§46-9-340. Effectiveness of Right of Recoupment or Set-Off Against Deposit Account
§46-9-341. Bank's Rights and Duties With Respect to Deposit Account
§46-9-342. Bank's Right to Refuse to Enter Into or Disclose Existence of Control Agreement
§46-9-401. Alienability of Debtor's Rights
§46-9-402. Secured Party Not Obligated on Contract of Debtor or in Tort
§46-9-403. Agreement Not to Assert Defenses Against Assignee
§46-9-404. Rights Acquired by Assignee; Claims and Defenses Against Assignee
§46-9-405. Modification of Assigned Contract
§46-9-409. Restrictions on Assignment of Letter-of-Credit Rights Ineffective
§46-9-503. Name of Debtor and Secured Party
§46-9-504. Indication of Collateral
§46-9-506. Effect of Errors or Omissions
§46-9-507. Effect of Certain Events on Effectiveness of Financing Statement
§46-9-508. Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement
§46-9-509. Persons Entitled to File a Record
§46-9-510. Effectiveness of Filed Record
§46-9-511. Secured Party of Record
§46-9-512. Amendment of Financing Statement
§46-9-513. Termination Statement
§46-9-514. Assignment of Powers of Secured Party of Record
§46-9-515. Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement
§46-9-516. What Constitutes Filing; Effectiveness of Filing
§46-9-517. Effect of Indexing Errors
§46-9-518. Claim Concerning Inaccurate or Wrongfully Filed Record
§46-9-520. Acceptance and Refusal to Accept Record
§46-9-521. Written Financing Statement and Amendment Thereto
§46-9-522. Maintenance and Destruction of Records
§46-9-523. Information From Filing Office; Sale or License of Records
§46-9-524. Delay by Filing Office
§46-9-526. Filing-Office Rules
§46-9-602. Waiver and Variance of Rights and Duties
§46-9-603. Agreement on Standards Concerning Rights and Duties
§46-9-604. Procedure if Security Agreement Covers Real Property or Fixtures
§46-9-605. Unknown Debtor or Secondary Obligor
§46-9-606. Time of Default for Agricultural Lien
§46-9-607. Collection and Enforcement by Secured Party
§46-9-609. Secured Party's Right to Take Possession After Default
§46-9-610. Disposition of Collateral After Default
§46-9-611. Notification Before Disposition of Collateral
§46-9-612. Timeliness of Notification Before Disposition of Collateral
§46-9-613. Contents and Form of Notification Before Disposition of Collateral: General
§46-9-615. Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus
§46-9-616. Explanation of Calculation of Surplus or Deficiency
§46-9-617. Rights of Transferee of Collateral
§46-9-618. Rights and Duties of Certain Secondary Obligors
§46-9-619. Transfer of Record or Legal Title
§46-9-621. Notification of Proposal to Accept Collateral
§46-9-622. Effect of Acceptance of Collateral
§46-9-623. Right to Redeem Collateral
§46-9-625. Remedies for Secured Party's Failure to Comply With Article
§46-9-626. Action in Which Deficiency or Surplus Is in Issue
§46-9-627. Determination of Whether Conduct Was Commercially Reasonable
§46-9-628. Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor
§46-9-703. Security Interest Perfected Before Effective Date
§46-9-704. Security Interest Unperfected Before Effective Date
§46-9-705. Effectiveness of Action Taken Before Effective Date
§46-9-707. Amendment of Preeffective-Date Financing Statement
§46-9-708. Persons Entitled to File Initial Financing Statement or Continuation Statement
§46-9-803. Security Interest Perfected Before Effective Date
§46-9-804. Security Interest Unperfected Before Effective Date
§46-9-805. Effectiveness of Action Taken Before Effective Date
§46-9-807. Amendment of Preeffective-Date Financing Statement
§46-9-808. Person Entitled to File Initial Financing Statement or Continuation Statement