3. Financial Assets Delivered Against Payment. Subsection (c) [Maine cite subsection (3)] creates a security interest in favor of persons who deliver certificated securities or other financial assets in physical form, such as money market instruments, if the agreed payment is not received. In some arrangements for settlement of transactions in physical financial assets, the seller's securities custodian will deliver physical certificates to the buyer's securities custodian and receive a time-stamped delivery receipt. The buyer's securities custodian will examine the certificate to ensure that it is in good order, and that the delivery matches a trade in which the buyer has instructed the seller to deliver to that custodian. If all is in order, the receiving custodian will settle with the delivering custodian through whatever funds settlement system has been agreed upon or is used by custom and usage in that market. The understanding of the trade, however, is that the delivery is conditioned upon payment, so that if payment is not made for any reason, the security will be returned to the deliverer. Subsection (c) [Maine cite subsection (3)] clarifies the rights of persons making deliveries in such circumstances. It provides the person making delivery with a security interest in the securities or other financial assets; under subsection (d) [Maine cite subsection (4)], the security interest secures the seller's right to receive payment for the delivery. Section 8-301 [Maine cite section 8-1301] specifies when delivery of a certificated security occurs; that section should be applied as well to other financial assets as well for purposes of this section.

4. Automatic Attachment and Perfection. Subsections (a) and (c) [Maine cite subsections (1) and (3)] refer to attachment of a security interest. Attachment under this section has the same incidents (enforceability, right to proceeds, etc.) as attachment under Section 9-203 [Maine cite section 9-1203]. This section overrides the general attachment rules in Section 9-203. See Section 9-203(c) [Maine cite section 9-1203, subsection (3)]. A securities intermediary's security interest under subsection (a) [Maine cite subsection (1)] is perfected by control without further action. See Section 8-106 [Maine cite