(1) A security interest in certificated non-intermediated securities made effective against a third party, by possession by the secured creditor of the certificate, has priority over a competing security interest created by the same grantor in the same securities made effective against a third party by a registered notice.
(2) A security interest in uncertificated non-intermediated securities made effective against a third party —
(a) by a notation of the security interest or entry of the name of the secured creditor as the holder of the securities in the books maintained for that purpose by or on behalf of the issuer has priority over a security interest in the same securities made effective against a third party under this Act;
(b) by the conclusion of a control agreement, has priority over a security interest in the same securities made effective against a third party by a registered notice.
(3) The order of priority among competing security interests in uncertificated non-intermediated securities made effective against a third party by the conclusion of control agreements is determined on the basis of the time of conclusion of the control agreements.
(4) This section does not adversely affect the rights of a protected holder of non-intermediated securities under the Securities Act.