Vermont § 510 - § 8—510.

§ 510. § 8—510.

• Rights of purchaser of security entitlement from entitlement holder (a) In a case not covered by the priority rules in Article 9 of this title or the rules
  stated in subdivision (c) of this section, an action based on an adverse claim to
  a financial asset or security entitlement, whether framed in conversion, replevin,
  constructive trust, equitable lien, or other theory, may not be asserted against a
  person who purchases a security entitlement, or an interest therein, from an entitlement
  holder if the purchaser gives value, does not have notice of the adverse claim, and
  obtains control. (b) If an adverse claim could not have been asserted against an entitlement holder under
  section 8—502 of this title, the adverse claim cannot be asserted against a person who purchases a security entitlement,
  or an interest therein, from the entitlement holder. (c) In a case not covered by the priority rules in Article 9 of this title, a purchaser
  for value of a security entitlement, or an interest therein, who obtains control has
  priority over a purchaser of a security entitlement, or an interest therein, who does
  not obtain control. Except as otherwise provided in subdivision (d) of this section,
  purchasers who have control rank according to priority in time of: (1) the purchaser’s becoming the person for whom the securities account, in which the
  security entitlement is carried, is maintained, if the purchaser obtained control
  under subdivision 8—106(d)(1) of this title; (2) the securities intermediary’s agreement to comply with the purchaser’s entitlement
  orders with respect to security entitlements carried or to be carried in the securities
  account in which the security entitlement is carried, if the purchaser obtained control
  under subdivision 8—106(d)(2) of this title; or (3) if the purchaser obtained control through another person under subdivision 8—106(d)(3) of this title, the time on which priority would be based under this subsection if the other person
  were the secured party. (d) A securities intermediary as purchaser has priority over a conflicting purchaser who
  has control unless otherwise agreed by the securities intermediary. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997; amended 1999, No. 106 (Adj. Sess.), § 22, eff. July 1, 2001.)