No chattel mortgage or security interest shall be valid as against any person, firm, or corporation entitled to a lien under the provisions of this article; but no mortgage, lien, or other encumbrance existing and recorded as provided by law at the time of the inception of the lien provided for in this article shall be affected thereby.
p. 436, § 3. CSA: C. 101, § 53. CRS 53: § 86-5-3. C.R.S. 1963: § 86-53.