§490:9-322  Priorities among conflicting
security interests in and agricultural liens on same collateral.  (a) 
Except as otherwise provided in this section, priority among conflicting
security interests and agricultural liens in the same collateral is determined
according to the following rules:



(1)  Conflicting perfected security interests and
agricultural liens rank according to priority in time of filing or perfection. 
Priority dates from the earlier of the time a filing covering the collateral is
first made or the security interest or agricultural lien is first perfected, if
there is no period thereafter when there is neither filing nor perfection.



(2)  A perfected security interest or agricultural
lien has priority over a conflicting unperfected security interest or
agricultural lien.



(3)  The first security interest or agricultural lien
to attach or become effective has priority if conflicting security interests
and agricultural liens are unperfected.



(b)  For the purposes [of] subsection (a)(1):



(1)  The time of filing or perfection as to a security
interest in collateral is also the time of filing or perfection as to a
security interest in proceeds; and



(2)  The time of filing or perfection as to a security
interest in collateral supported by a supporting obligation is also the time of
filing or perfection as to a security interest in the supporting obligation.



(c)  Except as otherwise provided in subsection
(f), a security interest in collateral which qualifies for priority over a
conflicting security interest under section 490:9-327, 490:9-328, 490:9-329,
490:9-330, or 490:9-331 also has priority over a conflicting security interest
in:



(1)  Any supporting obligation for the collateral; and



(2)  Proceeds of the collateral if:



(A)  The security interest in proceeds is
perfected;



(B)  The proceeds are cash proceeds or of the
same type as the collateral; and



(C)  In the case of proceeds that are proceeds
of proceeds, all intervening proceeds are cash proceeds, proceeds of the same
type as the collateral, or an account relating to the collateral.



(d)  Subject to subsection (e) and except as
otherwise provided in subsection (f), if a security interest in chattel paper,
deposit accounts, negotiable documents, instruments, investment property, or
letter-of-credit rights is perfected by a method other than filing, conflicting
perfected security interests in proceeds of the collateral rank according to
priority in time of filing.



(e)  Subsection (d) applies only if the
proceeds of the collateral are not cash proceeds, chattel paper, negotiable
documents, instruments, investment property, or letter-of-credit rights.



(f)  Subsections (a) through (e) are subject
to:



(1)  Subsection (g) and the other provisions of this
part;



(2)  Section 490:4-210 with respect to a security
interest of a collecting bank;



(3)  Section 490:5-118 with respect to a security
interest of an issuer or nominated person; and



(4)  Section 490:9-110 with respect to a security
interest arising under article 2 or 2A.



(g)  A perfected agricultural lien on
collateral has priority over a conflicting security interest in or agricultural
lien on the same collateral if the statute creating the agricultural lien so
provides. [L 2000, c 241, pt of §1]