(a) Except as otherwise provided in (b) 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
(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 after the events described in (1) and (2) of this subsection when the security interest is unperfected.
(b) The provisions of (a) of this section subordinate a security interest only if the security interest
(1) otherwise would have priority solely under AS 45.29.322 (a) or 45.29.324; or
(2) arose solely under AS 45.02.711 (c) or AS 45.12.508 (e).
Section: Previous 45.29.318 45.29.319 45.29.320 45.29.321 45.29.322 45.29.323 45.29.324 45.29.325 45.29.326 45.29.327 45.29.328 45.29.329 45.29.330 45.29.331 45.29.332 NextLast modified: November 15, 2016