(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:\n(a) The debtor acquired the collateral subject to the security interest created by the other person;\n(b) The security interest created by the other person was perfected when the debtor acquired the collateral; and\n(c) There is no period thereafter when the security interest is unperfected.\n(2) Subsection (1) of this section subordinates a security interest only if the security interest:\n(a) Otherwise would have priority solely under ORS 79.0322 (1) or 79.0323; or\n(b) Arose solely under ORS 72.7110 (3) or 72A.5080 (5). [2001 c.445 §45]
Oregon Legal Code