§ 34-1-9-325

34.1-9-325. 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: (i) The debtor acquired the collateral subject to the security interest created by the other person; (ii) The security interest created by the other person was perfected when the debtor acquired the collateral; and (iii) There is no period thereafter when the security interest is unperfected. (b) Subsection (a) subordinates a security interest only if the security interest: (i) Otherwise would have priority solely under section 34.1-9-322(a) or 34.1-9-324; or (ii) Arose solely under section 34.1-2-711(c) or 34.1-2A-508(e).