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Title XXVI TRADE AND COMMERCE

Chapter 400

previous next Effective - 01 Jul 2001, see footnotebottom

  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).

­­--------

(L. 2001 S.B. 288)

Effective 7-01-01


---- end of effective   01 Jul 2001 ----

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