Section 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 7/1/2001