Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2022 | Updated by FindLaw Staff
The following rules govern priority among conflicting security interests in the same investment property:
(1) a security interest held by a secured party having control of investment property under AS 45.29.106 has priority over a security interest held by a secured party that does not have control of the investment property;
(2) except as otherwise provided in (3) and (4) of this section, conflicting security interests held by secured parties each of which has control under AS 45.29.106 rank according to priority in time, if the collateral is
(A) a security, of obtaining control;
(B) a security entitlement carried in a securities account and if the secured party obtained control
(i) under AS 45.08.106(d)(1), of the secured party's becoming the person for which the securities account is maintained;
(ii) under AS 45.08.106(d)(2), of 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
(iii) through another person under AS 45.08.106(d)(3), of the time on which priority would be based under this paragraph if the other person were the secured party; or
(C) a commodity contract carried with a commodity intermediary, of the satisfaction of the requirement for control specified in AS 45.29.106(b)(2) with respect to commodity contracts carried or to be carried with the commodity intermediary;
(3) 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;
(4) 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;
(5) a security interest in a certificated security in registered form that is perfected by taking delivery under AS 45.29.313(a) and not by control under AS 45.29.314 has priority over a conflicting security interest perfected by a method other than control;
(6) conflicting security interests created by a broker, securities intermediary, or commodity intermediary that are perfected without control under AS 45.29.106 rank equally;
Cite this article: FindLaw.com - Alaska Statutes Title 45. Trade and Commerce § 45.29.328. Priority of security interests in investment property - last updated January 01, 2022 | https://codes.findlaw.com/ak/title-45-trade-and-commerce/ak-st-sect-45-29-328/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Search our directory by legal issue
Enter information in one or both fields (Required)