(A) USE, COMMINGLE, OR DISPOSE OF ALL OR PART OF THE
COLLATERAL, INCLUDING RETURNED OR REPOSSESSED GOODS;

(B) COLLECT, COMPROMISE, ENFORCE, OR OTHERWISE DEAL WITH

COLLATERAL;

(C) ACCEPT THE RETURN OF COLLATERAL OR MAKE
REPOSSESSIONS; OR

(D) USE, COMMINGLE, OR DISPOSE OF PROCEEDS; OR

(2) THE SECURED PARTY FAILS TO REQUIRE THE DEBTOR TO ACCOUNT
FOR PROCEEDS OR REPLACE COLLATERAL.

(B) THIS SECTION DOES NOT RELAX THE REQUIREMENTS OF POSSESSION IF
ATTACHMENT, PERFECTION, OR ENFORCEMENT OF A SECURITY INTEREST DEPENDS
UPON POSSESSION OF THE COLLATERAL BY THE SECURED PARTY

9-206. SECURITY INTEREST ARISING IN PURCHASE OR DELIVERY OF FINANCIAL
ASSET.

(A) A SECURITY INTEREST IN FAVOR OF A SECURITIES INTERMEDIARY
ATTACHES TO A PERSON'S SECURITY ENTITLEMENT IF:

(1) THE PERSON BUYS A FINANCIAL ASSET THROUGH THE SECURITIES
INTERMEDIARY IN A TRANSACTION IN WHICH THE PERSON IS OBLIGATED TO PAY
THE PURCHASE PRICE TO THE SECURITIES INTERMEDIARY AT THE TIME OF THE
PURCHASE; AND

(2) THE SECURITIES INTERMEDIARY CREDITS THE FINANCIAL ASSET TO
THE BUYER'S SECURITIES ACCOUNT BEFORE THE BUYER PAYS THE SECURITIES
INTERMEDIARY.

(B) THE SECURITY INTEREST DESCRIBED IN SUBSECTION (A) SECURES THE
PERSON'S OBLIGATION TO PAY FOR THE FINANCIAL ASSET.

(C) A SECURITY INTEREST IN FAVOR OF A PERSON THAT DELIVERS A
CERTIFICATED SECURITY OR OTHER FINANCIAL ASSET REPRESENTED BY A WRITING
ATTACHES TO THE SECURITY OR OTHER FINANCIAL ASSET IF:

(1) THE SECURITY OR OTHER FINANCIAL ASSET:

(A) IN THE ORDINARY COURSE OF BUSINESS IS TRANSFERRED BY
DELIVERY WITH ANY NECESSARY INDORSEMENT OR ASSIGNMENT; AND

(B) IS DELIVERED UNDER AN AGREEMENT BETWEEN PERSONS IN
THE BUSINESS OF DEALING WITH SUCH SECURITIES OR FINANCIAL ASSETS; AND

(2) THE AGREEMENT CALLS FOR DELIVERY AGAINST PAYMENT.

(D) THE SECURITY INTEREST DESCRIBED IN SUBSECTION (C) SECURES THE
OBLIGATION TO MAKE PAYMENT FOR THE DELIVERY.