Ch. 92                                     1996 LAWS OF MARYLAND

(C)     IF THE DEBTOR IS A BROKER OR SECURITIES INTERMEDIARY A
SECURITY INTEREST IN INVESTMENT PROPERTY IS PERFECTED WHEN IT ATTACHES.
THE FILING OF A FINANCING STATEMENT WITH RESPECT TO A SECURITY INTEREST
IN INVESTMENT PROPERTY GRANTED BY A BROKER OR SECURITIES INTERMEDIARY
HAS NO EFFECT FOR PURPOSES OF PERFECTION OR PRIORITY WITH RESPECT TO
THAT SECURITY INTEREST.

(D)    IF A DEBTOR IS A COMMODITY INTERMEDIARY, A SECURITY
INTEREST IN A COMMODITY CONTRACT OR A COMMODITY ACCOUNT IS PERFECTED
WHEN IT ATTACHES. THE FILING OF A FINANCING STATEMENT WITH RESPECT TO A
SECURITY INTEREST IN A COMMODITY CONTRACT OR A COMMODITY ACCOUNT
GRANTED BY A COMMODITY INTERMEDIARY HAS NO EFFECT FOR PURPOSES OF
PERFECTION OR PRIORITY WITH RESPECT TO THAT SECURITY INTEREST.

(5)     PRIORITY BETWEEN CONFLICTING SECURITY INTERESTS IN THE SAME
INVESTMENT PROPERTY IS GOVERNED BY THE FOLLOWING RULES:

(A)    A SECURITY INTEREST OF A SECURED PARTY WHO HAS CONTROL
OVER INVESTMENT PROPERTY HAS PRIORITY OVER A SECURITY INTEREST OF A
SECURED PARTY WHO DOES NOT HAVE CONTROL OVER THE INVESTMENT
PROPERTY.

(B)     EXCEPT AS OTHERWISE PROVIDED IN PARAGRAPHS (C) AND (D),
CONFLICTING SECURITY INTERESTS OF SECURED PARTIES EACH OF WHOM HAS
CONTROL RANK EQUALLY.

(C)     EXCEPT AS OTHERWISE AGREED BY THE SECURITIES
INTERMEDIARY, A SECURITY INTEREST IN A SECURITY ENTITLEMENT OR A
SECURITIES ACCOUNT GRANTED TO THE DEBTOR'S OWN SECURITIES
INTERMEDIARY HAS PRIORITY OVER ANY SECURITY INTEREST GRANTED BY THE
DEBTOR TO ANOTHER SECURED PARTY.

(D)    EXCEPT AS OTHERWISE AGREED BY THE COMMODITY
INTERMEDIARY, A SECURITY INTEREST IN A COMMODITY CONTRACT OR A
COMMODITY ACCOUNT GRANTED TO THE DEBTOR'S OWN COMMODITY
INTERMEDIARY HAS PRIORITY OVER ANY SECURITY INTEREST GRANTED BY THE
DEBTOR TO ANOTHER SECURED PARTY.

(E)     CONFLICTING SECURITY INTERESTS GRANTED BY A BROKER, A
SECURITIES INTERMEDIARY, OR A COMMODITY INTERMEDIARY WHICH ARE
PERFECTED WITHOUT CONTROL RANK EQUALLY.

(F)     IN ALL OTHER CASES, PRIORITY BETWEEN CONFLICTING SECURITY
INTERESTS IN INVESTMENT PROPERTY IS GOVERNED BY § 9-312(5), (6), AND (7).
SECTION 9-312(4) DOES NOT APPLY TO INVESTMENT PROPERTY.

(6)     IF A SECURITY CERTIFICATE IN REGISTERED FORM IS DELIVERED TO A
SECURED PARTY PURSUANT TO AGREEMENT, A WRITTEN SECURITY AGREEMENT IS
NOT REQUIRED FOR ATTACHMENT OR ENFORCEABILITY OF THE SECURITY
INTEREST, DELIVERY SUFFICES FOR PERFECTION OF THE SECURITY INTEREST, AND

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