30-9A-325. Priority of security interests in transferred collateral. (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 when the security interest is unperfected.
(2) Subsection (1) subordinates a security interest only if the security interest:
(a) otherwise would have priority solely under 30-9A-322(1) or 30-9A-324; or
(b) arose solely under 30-2-711(3) or 30-2A-508(5).
History: En. Sec. 44, Ch. 305, L. 1999; Sec. 30-9-345, MCA 1999; redes. 30-9A-325 by Code Commissioner, 2001.