28-9-325. PRIORITY OF SECURITY INTERESTS IN TRANSFERRED COLLATERAL. (a) Except as otherwise provided in subsection (b) of this section, 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) of this section subordinates a security interest only if the security interest:
(1) Otherwise would have priority solely under section 28-9-322(a) or 28-9-324; or
(2) Arose solely under section 28-2-711(3) or 28-12-508(5).
History:
[28-9-325, added 2001, ch. 208, sec. 2, p. 748.]