The priority rule is analogous to "first-to-file" priority under Section 9-322 [Maine cite section 9-1322] with respect to after-acquired collateral. Paragraphs (2)(B)(i) and (2)(B)(iii) [Maine cite subsection (2), paragraph (b), subparagraphs (i) and (iii)] provide similar rules for security entitlements as to which control is obtained by other methods, and paragraph (2)(C) [Maine cite subsection (2), paragraph (c)] provides a similar rule for commodity contracts carried in a commodity account. Section 8-510 also has been revised to provide a temporal priority conforming to paragraph (2)(B) [Maine cite subsection (2), paragraph (b)].

6. Certificated Securities. A long-standing practice has developed whereby secured parties whose collateral consists of a security evidenced by a security certificate take possession of the security certificate. If the security certificate is in bearer form, the secured party's acquisition of possession constitutes "delivery" under Section 8-301(a)(1) [Maine cite section 8-1301, subsection (1), paragraph (a)], and the delivery constitutes "control" under Section 8-106(a) [Maine cite section 8-1106, subsection (1)]. Comment 5 discusses the priority of security interests perfected by control of investment property.

If the security certificate is in registered form, the secured party will not achieve control over the security unless the security certificate contains an appropriate indorsement or is (re)registered in the secured party's name. See Section