New Jersey § 12a:9-328

§ 12a:9-328.

The following rules govern priority among conflicting security interests in the same

investment property: (1) A security interest held by a secured party having control of investment property

under 12A:9-106 has priority over a security interest held by a secured party that

does not have control of the investment property. (2) Except as otherwise provided in paragraphs (3) and (4) , conflicting security interests held by secured parties each of which has control

under 12A:9-106 rank according to priority in time of: (A) if the collateral is a security, obtaining control; (B) if the collateral is a security entitlement carried in a securities account and: (i) if the secured party obtained control under 12A:8-106 (d) (1), the secured party's becoming the person for which the securities account is

maintained; (ii) if the secured party obtained control under 12A:8-106 (d) (2), the securities intermediary's agreement to comply with the secured party's entitlement

orders with respect to security entitlements carried or to be carried in the securities

account; or (iii) if the secured party obtained control through another person under 12A:8-106 (d) (3), the time on which priority would be based under this paragraph if the other

person were the secured party; or (C) if the collateral is a commodity contract carried with a commodity intermediary,

the satisfaction of the requirement for control specified in 12A:9-106 (b) (2) with respect to commodity contracts carried or to be carried with the commodity

intermediary. (3) 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 conflicting security interest held by another secured party. (4) 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 another secured party. (5) A security interest in a certificated security in registered form which is perfected

by taking delivery under 12A:9-313 (a) and not by control under 12A:9-314 has priority over a conflicting security interest

perfected by a method other than control. (6) Conflicting security interests created by a broker, securities intermediary, or commodity

intermediary which are perfected without control under 12A:9-106 rank equally. (7) In all other cases, priority among conflicting security interests in investment property

is governed by 12A:9-322 and 12A:9-323.