Effective - 01 Jul 2001
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).
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(L. 2001 S.B. 288)
Effective 7-01-01