(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 section 9-1313, subsection (1) and not by control under section 9-1314 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 section 9-1106 rank equally.

(7)__In all other cases, priority among conflicting security interests in investment property is governed by sections 9-1322 and 9-1323.

Official Comment

1. Source. Former Section 9-115(5).

2. Scope of This Section. This section contains the rules governing the priority of conflicting security interests in investment property. Paragraph (1) [Maine cite subsection (1)] states the most important general rule-that a secured party who obtains control has priority over a secured party who does not obtain control. Paragraphs (2) through (4) [Maine cite subsections (2) to (4)] deal with conflicting security interests each of which is perfected by control. Paragraph (5) [Maine cite subsection (5)] addresses the priority of a security interest in a certificated security which is perfected by delivery but not control. Paragraph (6) [Maine cite subsection (6)] deals with the relatively unusual circumstance in which a broker, securities intermediary, or commodity intermediary has created conflicting security interests none of which is perfected by control. Paragraph (7) [Maine cite subsection (7)] provides that the general priority rules of Sections 9322 and 9-323 [Maine cite