N.Y. U.C.C. 9-206

Section 9--206. Security Interest Arising in Purchase or Delivery of\n Financial Asset.\n (a) Security interest when person buys through securities\nintermediary. A security interest in favor of a securities intermediary\nattaches to a person's security entitlement if:\n (1) the person buys a financial asset through the securities\n intermediary in a transaction in which the person is\n obligated to pay the purchase price to the securities\n intermediary at the time of the purchase; and\n (2) the securities intermediary credits the financial asset to\n the buyer's securities account before the buyer pays the\n securities intermediary.\n (b) Security interest secures obligation to pay for financial asset.\nThe security interest described in subsection (a) secures the person's\nobligation to pay for the financial asset.\n (c) Security interest in payment against delivery transaction. A\nsecurity interest in favor of a person that delivers a certificated\nsecurity or other financial asset represented by a writing attaches to\nthe security or other financial asset if:\n (1) the security or other financial asset:\n (A) in the ordinary course of business is transferred by\n delivery with any necessary indorsement or assignment;\n and\n (B) is delivered under an agreement between persons in the\n business of dealing with such securities or financial\n assets; and\n (2) the agreement calls for delivery against payment.\n (d) Security interest secures obligation to pay for delivery. The\nsecurity interest described in subsection (c) secures the obligation to\nmake payment for the delivery.\n