§490:9-325 Priority of security interests in transferred collateral. (a) Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:
(1) The debtor acquired the collateral subject to the security interest created by the other person;
(2) The security interest created by the other person was perfected when the debtor acquired the collateral; and
(3) There is no period thereafter when the security interest is unperfected.
(b) Subsection (a) subordinates a security interest only if the security interest:
(1) Otherwise would have priority solely under section 490:9-322(a) or 490:9-324; or
(2) Arose solely under section 490:2-711(3) or 490:2A-508(e). [L 2000, c 241, pt of §1]
Section: Previous 490-9-318 490-9-319 490-9-320 490-9-321 490-9-322 490-9-323 490-9-324 490-9-325 490-9-326 490-9-327 490-9-328 490-9-329 490-9-330 490-9-331 490-9-332 NextLast modified: October 27, 2016