Section 9--328. Priority of Security Interests in Investment Property

The   following  rules  govern  priority  among  conflicting  security
  interests in the same investment property:
    (a) A security interest held by a  secured  party  having  control  of
  investment  property  under  Section 9--106 has priority over a security
  interest held by a secured party that  does  not  have  control  of  the
  investment property.
    (b) Except   as   otherwise   provided  in  paragraphs  (c)  and  (d),
  conflicting security interests held by secured parties each of which has
  control under Section 9--106 rank according to priority in time of:
         (1) if the collateral is a security, obtaining control;
         (2) if the collateral is a  security  entitlement  carried  in  a
             securities account and:
             (A)  if  the  secured  party  obtained  control under Section                  8--106 (d) (1), the secured party's becoming  the  person
                 for which the securities account is maintained;
             (B) if  the  secured  party  obtained  control  under Section                  8--106 (d) (2), 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
             (C) if  the  secured  party  obtained control through another
                 person under Section 8--106 (d) (3), the  time  on  which
                 priority would be based under this paragraph if the other
                 person were the secured party; or
         (3) if  the  collateral  is  a  commodity contract carried with a
             commodity intermediary, the satisfaction of  the  requirement
             for  control specified in Section 9--106 (b) (2) with respect
             to commodity contracts carried or  to  be  carried  with  the
             commodity intermediary.
    (c) 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.
    (d) 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.
    (e) A  security interest in a certificated security in registered form
  which is perfected by taking delivery under Section 9--313 (a)  and  not
  by control under Section 9--314 has priority over a conflicting security
  interest perfected by a method other than control.
    (f) Conflicting  security  interests  created  by a broker, securities
  intermediary, or commodity  intermediary  which  are  perfected  without
  control under Section 9--106 rank equally.
    (g) In  all other cases, priority among conflicting security interests
  in investment property is governed by Sections 9--322 and 9--323.
    (h) Subsections (a) through (g) do not apply to cooperative interests.