§ 400-9-325

Title XXVI TRADE AND COMMERCE Chapter 400 • Effective - 01 Jul 2001, see footnote 400.9-325. Priority in 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 400.9-322(a) or 400.9-324; or (2) Arose solely under section 400.2-711(3) or 400.2A-508(5). ­­-------- (L. 2001 S.B. 288) Effective 7-01-01