Article 25 - Priority: Investment Property

Priority between conflicting Security Interests in the same Investment Property is as follows:

(A) a Security Interest perfected by control has priority over a Security Interest which is not perfected by control;
(B) subject to (C) and (D), conflicting Security Interests perfected by control rank according to the order in which control was obtained;
(C) 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 Security Interest held by any other Secured Party;
(D) 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 any other Secured Party;
(E) conflicting Security Interests granted by a Securities Intermediary or Commodity Intermediary which are perfected otherwise than by control rank equally;
(F) a Security Interest in a Certificated Security in registered form which is perfected by possession and not by control has priority over a conflicting Security Interest perfected by filing; and
(G) in all other cases, priority among conflicting Security Interests in Investment Property is governed by Article 24 (Default Priority Rules) .