§ 8—511. — Vermont Code § 511

§ 511. § 8—511.

• Priority among security interests and entitlement holders (a) Except as otherwise provided in subsections (b) and (c) of this section, if a securities
  intermediary does not have sufficient interests in a particular financial asset to
  satisfy both its obligations to entitlement holders who have security entitlements
  to that financial asset and its obligation to a creditor of the securities intermediary
  who has a security interest in that financial asset, the claims of entitlement holders,
  other than the creditor, have priority over the claim of the creditor. (b) A claim of a creditor of a securities intermediary who has a security interest in
  a financial asset held by a securities intermediary has priority over claims of the
  securities intermediary’s entitlement holders who have security entitlements with
  respect to that financial asset if the creditor has control over the financial asset. (c) If a clearing corporation does not have sufficient financial assets to satisfy both
  its obligations to entitlement holders who have security entitlements with respect
  to a financial asset and its obligation to a creditor of the clearing corporation
  who has a security interest in that financial asset, the claim of the creditor has
  priority over the claims of entitlement holders. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)