NY UCC § 9-328 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 9 - Secured Transactions Part 3 - Perfection and Priority Sub Part 3 - Priority 9-328 - Priority of Security Interests in Investment Property

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.