PARRIS N. GLENDENING, Governor

Ch. 92

COMMODITY INTERMEDIARY, AND THE SECURED PARTY, THE COMMODITY
INTERMEDIARY HAS AGREED THAT IT WILL APPLY ANY VALUE DISTRIBUTED ON
ACCOUNT OF THE COMMODITY CONTRACT AS DIRECTED BY THE SECURED PARTY
WITHOUT FURTHER CONSENT BY THE COMMODITY CUSTOMER. IF A COMMODITY
CUSTOMER GRANTS A SECURITY INTEREST IN A COMMODITY CONTRACT TO ITS
OWN COMMODITY INTERMEDIARY, THE COMMODITY INTERMEDIARY AS SECURED
PARTY HAS CONTROL A SECURED PARTY HAS CONTROL OVER A SECURITIES
ACCOUNT OR COMMODITY ACCOUNT IF THE SECURED PARTY HAS CONTROL OVER
ALL SECURITY ENTITLEMENTS OR COMMODITY CONTRACTS CARRIED IN THE
SECURITIES ACCOUNT OR COMMODITY ACCOUNT.

(F) "INVESTMENT PROPERTY' MEANS:

(I) A SECURITY, WHETHER CERTIFICATED OR UNCERTIFICATED;

(II) A SECURITY ENTITLEMENT;

(III) A SECURITIES ACCOUNT;

(IV)   A COMMODITY CONTRACT; OR

(V)     A COMMODITY ACCOUNT.

(2)     ATTACHMENT OR PERFECTION OF A SECURITY INTEREST IN A
SECURITIES ACCOUNT IS ALSO ATTACHMENT OR PERFECTION OF A SECURITY
INTEREST IN ALL SECURITY ENTITLEMENTS CARRIED IN THE SECURITIES ACCOUNT.
ATTACHMENT OR PERFECTION OF A SECURITY INTEREST IN A COMMODITY
ACCOUNT IS ALSO ATTACHMENT OR PERFECTION OF A SECURITY INTEREST IN ALL
COMMODITY CONTRACTS CARRIED IN THE COMMODITY ACCOUNT.

(3)     A DESCRIPTION OF COLLATERAL IN A SECURITY AGREEMENT OR
FINANCING STATEMENT IS SUFFICIENT TO CREATE OR PERFECT A SECURITY
INTEREST IN A CERTIFICATED SECURITY, UNCERTIFICATED SECURITY, SECURITY
ENTITLEMENT, SECURITIES ACCOUNT, COMMODITY CONTRACT, OR COMMODITY
ACCOUNT WHETHER IT DESCRIBES THE COLLATERAL BY THOSE TERMS, OR AS
INVESTMENT PROPERTY, OR BY DESCRIPTION OF THE UNDERLYING SECURITY,
FINANCIAL ASSET, OR COMMODITY CONTRACT. A DESCRIPTION OF INVESTMENT
PROPERTY COLLATERAL IN A SECURITY AGREEMENT OR FINANCING STATEMENT IS
SUFFICIENT IF IT IDENTIFIES THE COLLATERAL BY SPECIFIC LISTING, BY
CATEGORY, BY QUANTITY, BY A COMPUTATIONAL OR ALLOCATIONAL FORMULA
OR PROCEDURE, OR BY ANY OTHER METHOD, IF THE IDENTITY OF THE
COLLATERAL IS OBJECTIVELY DETERMINABLE

(4)     PERFECTION OF A SECURITY INTEREST IN INVESTMENT PROPERTY IS
GOVERNED BY THE FOLLOWING RULES:

(A)    A SECURITY INTEREST IN INVESTMENT PROPERTY MAY BE
PERFECTED BY CONTROL

(B)     EXCEPT AS OTHERWISE PROVIDED IN PARAGRAPHS (C) AND (D), A
SECURITY INTEREST IN INVESTMENT PROPERTY MAY BE PERFECTED BY FILING.

- 1331 -