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Nevada Revised Statutes Title 8. Commercial Instruments and Transactions § 104.9206. Security interest arising in purchase or delivery of financial asset

Current as of January 01, 2021 | Updated by FindLaw Staff

1. A security interest in favor of a securities intermediary attaches to a person's security entitlement if:

(a) 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

(b) The securities intermediary credits the financial asset to the person’s securities account before he or she pays the securities intermediary.

2. The security interest described in subsection 1 secures the buyer's obligation to pay for the financial asset.

3. 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:

(a) The security or other financial asset:

(1) In the ordinary course of business is transferred by delivery with any necessary endorsement or assignment;  and

(2) Is delivered under an agreement between persons in the business of dealing with such securities or financial assets;  and

(b) The agreement calls for delivery against payment.

4. The security interest described in subsection 3 secures the obligation to make payment for the delivery.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 8. Commercial Instruments and Transactions § 104.9206. Security interest arising in purchase or delivery of financial asset - last updated January 01, 2021 | https://codes.findlaw.com/nv/title-8-commercial-instruments-and-transactions/nv-rev-st-104-9206/

Read this complete Nevada Revised Statutes Title 8. Commercial Instruments and Transactions § 104.9206. Security interest arising in purchase or delivery of financial asset on Westlaw

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