§490:9-325  Priority of 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 490:9-322(a) or 490:9-324; or



(2)  Arose solely under section 490:2-711(3) or
490:2A-508(e). [L 2000, c 241, pt of §1]