§490:9-338  Priority of security interest or
agricultural lien perfected by filed financing statement providing certain
incorrect information.  If a security interest or agricultural lien is
perfected by a filed financing statement providing information described in
section 490:9-516(b)(5) which is incorrect at the time the financing statement
is filed:



(1)  The security interest or agricultural lien is
subordinate to a conflicting perfected security interest in the collateral to
the extent that the holder of the conflicting security interest gives value in
reasonable reliance upon the incorrect information; and



(2)  A purchaser, other than a secured party, of the
collateral takes free of the security interest or agricultural lien to the
extent that, in reasonable reliance upon the incorrect information, the
purchaser gives value and, in the case of tangible chattel paper, tangible
documents, goods, instruments, or a security certificate, receives delivery of
the collateral. [L 2000, c 241, pt of §1; am L 2004, c 163, §32]