(1) Except as otherwise provided in subsection (2), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:
(a) The debtor acquired the collateral subject to the security interest created by the other person;
(b) The security interest created by the other person was perfected when the debtor acquired the collateral; and
(c) There is no period thereafter during which the security interest is unperfected.
(2) Subsection (1) subordinates a security interest only if the security interest:
(a) Otherwise would have priority solely under s. 679.322(1) or s. 679.324; or
(b) Arose solely under s. 672.711(3) or s. 680.508(5).
History.—s. 3, ch. 2001-198.