(a) A security interest or agricultural lien is subordinate to the rights of:
A person entitled to priority under section 4-9-322; and
Except as otherwise provided in subsection (e) of this section, a person that becomesa lien creditor before the security interest or agricultural lien is perfected.
Except as otherwise provided in subsection (e) of this section, a buyer, other than asecured party, of tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
Except as otherwise provided in subsection (e) of this section, a lessee of goods takesfree of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
A licensee of a general intangible or a buyer, other than a secured party, of collateralother than tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.
Except as otherwise provided in sections 4-9-320 and 4-9-321, if a person files afinancing statement with respect to a purchase-money security interest before or within twenty days after the debtor receives delivery of the collateral, or if a person perfects under article 6 of title 42, C.R.S., a purchase-money security interest in a motor vehicle, other than inventory, before or within thirty days after the debtor receives delivery of the motor vehicle, the security interest takes priority over the rights of a buyer, lessee, or lien creditor which arise between the time the security interest attaches and the time of filing.
Source: L. 2001: Entire article R&RE, p. 1355, § 1, effective July 1. L. 2006: (b) and (d) amended, p. 502, § 42, effective September 1. L. 2009: (e) amended, (SB 09-150), ch. 182, p. 801, § 1, effective April 22. L. 2012: (b) and (d) amended, (HB 12-1262), ch. 170, p. 598, § 6, effective July 1, 2013.
Editor's note: (1) The provisions of this section are similar to former §§ 4-9-301 and 42.5-307 (2) as they existed prior to 2001.
(2) Colorado legislative change: In subsection (a)(2), Colorado did not adopt the phrases "the earlier of the time" after the word "before" and "or a financing statement covering the collateral is filed" at the end of the sentence.