Vermont § 328 - § 9—328.

§ 328. § 9—328.

• Priority of security interests in investment property 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 section 9—106 of this title 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 subdivisions (3) and (4) of this section, conflicting
  security interests held by secured parties each of which has control under section 9—106 of this title 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 subdivision 8—106(d)(1) of this title, the secured party’s becoming the person for which the securities account is maintained; (ii) if the secured party obtained control under subdivision 8—106(d)(2) of this title, 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 subdivision 8—106(d)(3) of this title, 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 subdivision 9—106(b)(2) of this title 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 subsection 9—313(a) of this title and not by control under section 9—314 of this title 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 section 9—106 of this title rank equally. (7) In all other cases, priority among conflicting security interests in investment property
  is governed by sections 9—322 and 9—323 of this title. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)