(1) Except as otherwise provided in subsection (2) of this section, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:
(a) The debtor acquired the collateral subject to the security interest created by the other person;
(b) The security interest created by the other person was perfected when the debtor acquired the collateral; and
(c) There is no period thereafter when the security interest is unperfected.
(2) Subsection (1) of this section subordinates a security interest only if the security interest:
(a) Otherwise would have priority solely under ORS 79.0322 (1) or 79.0323; or
(b) Arose solely under ORS 72.7110 (3) or 72A.5080 (5). [2001 c.445 §45]
Section: Previous 79.0318 79.0319 79.0320 79.0321 79.0322 79.0323 79.0324 79.0325 79.0326 79.0327 79.0328 79.0329 79.0330 79.0331 79.0332 NextLast modified: August 7, 2008