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§ 357.12 A Participant's Security Entitlement.
(a) How is a Participant's Security Entitlement created? A Federal Reserve Bank indicates by book entry that a Book-entry Security has been credited to a Participant's Securities Account.
(b) What else do I need to know about a Participant's Security Entitlement? See the following table:
| If a security interest in a security entitlement of a participant . . . | Then . . . |
|---|---|
| (1) Meets all of the following criteria: | |
| (i) is in favor of the United States (ii) is marked on the books of a Federal Reserve Bank (iii) is to secure deposits of public money (including without limitation deposits to the Treasury tax and loan accounts, or other security interested required by Federal statute, regulation, or agreement) | it is created; it is perfected; and it has priority over any other interest in the securities. |