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United States — Louisiana Act or statute

United States — Louisiana legislation

RS 10:8-511

This section sets priority rules when a securities intermediary or clearing corporation does not have enough assets to satisfy both entitlement holders and a creditor.

entitlement holderspriority of claimssecurity interests
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United States — Louisiana
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1 provisions
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“This section sets priority rules when a securities intermediary or clearing corporation does not have enough assets to satisfy both entitlement holders and a creditor.”

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RS 10:8-511

This section sets priority rules when a securities intermediary or clearing corporation does not have enough assets to satisfy both entitlement holders and a creditor.

Section 10:8-511

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Source record from legis.la.gov · Undated source snapshot

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§ 10:8-511RS 10:8-511Provision

This section sets priority rules when a securities intermediary or clearing corporation does not have enough assets to satisfy both entitlement holders and a creditor.

§8-511. Priority among security interests and entitlement holders (a) Except as otherwise provided in subsections (b) and (c), 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. Acts 1995, No. 884, §1, eff. Jan. 1, 1996.
Section 10:8-511Verify source

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