§25‑9‑322. Priorities among conflicting security interests in andagricultural liens on same collateral.
(a) General priorityrules. Except as otherwise provided in this section, priority amongconflicting security interests and agricultural liens in the same collateral isdetermined according to the following rules:
(1) Conflictingperfected security interests and agricultural liens rank according to priorityin time of filing or perfection. Priority dates from the earlier of the time afiling covering the collateral is first made or the security interest oragricultural lien is first perfected, if there is no period thereafter whenthere is neither filing nor perfection.
(2) A perfected securityinterest or agricultural lien has priority over a conflicting unperfectedsecurity interest or agricultural lien.
(3) The first securityinterest or agricultural lien to attach or become effective has priority ifconflicting security interests and agricultural liens are unperfected.
(b) Time of perfection:proceeds and supporting obligations. For the purposes of subdivision (a)(1)of this section:
(1) The time of filingor perfection as to a security interest in collateral is also the time offiling or perfection as to a security interest in proceeds; and
(2) The time of filingor perfection as to a security interest in collateral supported by a supportingobligation is also the time of filing or perfection as to a security interestin the supporting obligation.
(c) Special priorityrules: proceeds and supporting obligations. Except as otherwise provided insubsection (f) of this section, a security interest in collateral whichqualifies for priority over a conflicting security interest under G.S. 25‑9‑327,25‑9‑328, 25‑9‑329, 25‑9‑330, or 25‑9‑331also has priority over a conflicting security interest in:
(1) Any supportingobligation for the collateral; and
(2) Proceeds of thecollateral if:
a. The securityinterest in proceeds is perfected;
b. The proceeds arecash proceeds or of the same type as the collateral; and
c. In the case ofproceeds that are proceeds of proceeds, all intervening proceeds are cashproceeds, proceeds of the same type as the collateral, or an account relatingto the collateral.
(d) First‑to‑filepriority rule for certain collateral. Subject to subsection (e) of thissection and except as otherwise provided in subsection (f) of this section, ifa security interest in chattel paper, deposit accounts, negotiable documents,instruments, investment property, or letter‑of‑credit rights is perfectedby a method other than filing, conflicting perfected security interests inproceeds of the collateral rank according to priority in time of filing.
(e) Applicability ofsubsection (d). Subsection (d) of this section applies only if the proceeds ofthe collateral are not cash proceeds, chattel paper, negotiable documents,instruments, investment property, or letter‑of‑credit rights.
(f) Limitations onsubsections (a) through (e). Subsections (a) through (e) of this section aresubject to:
(1) Subsection (g) ofthis section and the other provisions of this Part;
(2) G.S. 25‑4‑208with respect to a security interest of a collecting bank;
(3) G.S. 25‑5‑118with respect to a security interest of an issuer or nominated person; and
(4) G.S. 25‑9‑110with respect to a security interest arising under Article 2 or 2A of thisChapter.
(g) Priority underagricultural lien statute. A perfected agricultural lien on collateral haspriority over a conflicting security interest in or agricultural lien on thesame collateral if the statute creating the agricultural lien so provides. (1866‑7,c. 1, s. 1; 1872‑3, c. 133, s. 1; Code, s. 1799; 1893, c. 9; Rev., s.2052; C.S., s. 2480; 1925, c. 302, s. 1; 1927, c. 22; 1935, c. 205; 1945, c.196, s. 4; 1955, c. 816; 1957, c. 999; 1965, c. 700, s. 1; 1967, c. 24, s. 13;1975, c. 862, s. 7; 1979, c. 404, s. 2; 1989 (Reg. Sess., 1990), c. 1024, s.8(o); 1997‑181, ss. 15, 16; 1997‑336, s. 1; 1997‑456, s. 5;2000‑169, s. 1.)
§25‑9‑322. Priorities among conflicting security interests in andagricultural liens on same collateral.
(a) General priorityrules. Except as otherwise provided in this section, priority amongconflicting security interests and agricultural liens in the same collateral isdetermined according to the following rules:
(1) Conflictingperfected security interests and agricultural liens rank according to priorityin time of filing or perfection. Priority dates from the earlier of the time afiling covering the collateral is first made or the security interest oragricultural lien is first perfected, if there is no period thereafter whenthere is neither filing nor perfection.
(2) A perfected securityinterest or agricultural lien has priority over a conflicting unperfectedsecurity interest or agricultural lien.
(3) The first securityinterest or agricultural lien to attach or become effective has priority ifconflicting security interests and agricultural liens are unperfected.
(b) Time of perfection:proceeds and supporting obligations. For the purposes of subdivision (a)(1)of this section:
(1) The time of filingor perfection as to a security interest in collateral is also the time offiling or perfection as to a security interest in proceeds; and
(2) The time of filingor perfection as to a security interest in collateral supported by a supportingobligation is also the time of filing or perfection as to a security interestin the supporting obligation.
(c) Special priorityrules: proceeds and supporting obligations. Except as otherwise provided insubsection (f) of this section, a security interest in collateral whichqualifies for priority over a conflicting security interest under G.S. 25‑9‑327,25‑9‑328, 25‑9‑329, 25‑9‑330, or 25‑9‑331also has priority over a conflicting security interest in:
(1) Any supportingobligation for the collateral; and
(2) Proceeds of thecollateral if:
a. The securityinterest in proceeds is perfected;
b. The proceeds arecash proceeds or of the same type as the collateral; and
c. In the case ofproceeds that are proceeds of proceeds, all intervening proceeds are cashproceeds, proceeds of the same type as the collateral, or an account relatingto the collateral.
(d) First‑to‑filepriority rule for certain collateral. Subject to subsection (e) of thissection and except as otherwise provided in subsection (f) of this section, ifa security interest in chattel paper, deposit accounts, negotiable documents,instruments, investment property, or letter‑of‑credit rights is perfectedby a method other than filing, conflicting perfected security interests inproceeds of the collateral rank according to priority in time of filing.
(e) Applicability ofsubsection (d). Subsection (d) of this section applies only if the proceeds ofthe collateral are not cash proceeds, chattel paper, negotiable documents,instruments, investment property, or letter‑of‑credit rights.
(f) Limitations onsubsections (a) through (e). Subsections (a) through (e) of this section aresubject to:
(1) Subsection (g) ofthis section and the other provisions of this Part;
(2) G.S. 25‑4‑208with respect to a security interest of a collecting bank;
(3) G.S. 25‑5‑118with respect to a security interest of an issuer or nominated person; and
(4) G.S. 25‑9‑110with respect to a security interest arising under Article 2 or 2A of thisChapter.
(g) Priority underagricultural lien statute. A perfected agricultural lien on collateral haspriority over a conflicting security interest in or agricultural lien on thesame collateral if the statute creating the agricultural lien so provides. (1866‑7,c. 1, s. 1; 1872‑3, c. 133, s. 1; Code, s. 1799; 1893, c. 9; Rev., s.2052; C.S., s. 2480; 1925, c. 302, s. 1; 1927, c. 22; 1935, c. 205; 1945, c.196, s. 4; 1955, c. 816; 1957, c. 999; 1965, c. 700, s. 1; 1967, c. 24, s. 13;1975, c. 862, s. 7; 1979, c. 404, s. 2; 1989 (Reg. Sess., 1990), c. 1024, s.8(o); 1997‑181, ss. 15, 16; 1997‑336, s. 1; 1997‑456, s. 5;2000‑169, s. 1.)
§25‑9‑322. Priorities among conflicting security interests in andagricultural liens on same collateral.
(a) General priorityrules. Except as otherwise provided in this section, priority amongconflicting security interests and agricultural liens in the same collateral isdetermined according to the following rules:
(1) Conflictingperfected security interests and agricultural liens rank according to priorityin time of filing or perfection. Priority dates from the earlier of the time afiling covering the collateral is first made or the security interest oragricultural lien is first perfected, if there is no period thereafter whenthere is neither filing nor perfection.
(2) A perfected securityinterest or agricultural lien has priority over a conflicting unperfectedsecurity interest or agricultural lien.
(3) The first securityinterest or agricultural lien to attach or become effective has priority ifconflicting security interests and agricultural liens are unperfected.
(b) Time of perfection:proceeds and supporting obligations. For the purposes of subdivision (a)(1)of this section:
(1) The time of filingor perfection as to a security interest in collateral is also the time offiling or perfection as to a security interest in proceeds; and
(2) The time of filingor perfection as to a security interest in collateral supported by a supportingobligation is also the time of filing or perfection as to a security interestin the supporting obligation.
(c) Special priorityrules: proceeds and supporting obligations. Except as otherwise provided insubsection (f) of this section, a security interest in collateral whichqualifies for priority over a conflicting security interest under G.S. 25‑9‑327,25‑9‑328, 25‑9‑329, 25‑9‑330, or 25‑9‑331also has priority over a conflicting security interest in:
(1) Any supportingobligation for the collateral; and
(2) Proceeds of thecollateral if:
a. The securityinterest in proceeds is perfected;
b. The proceeds arecash proceeds or of the same type as the collateral; and
c. In the case ofproceeds that are proceeds of proceeds, all intervening proceeds are cashproceeds, proceeds of the same type as the collateral, or an account relatingto the collateral.
(d) First‑to‑filepriority rule for certain collateral. Subject to subsection (e) of thissection and except as otherwise provided in subsection (f) of this section, ifa security interest in chattel paper, deposit accounts, negotiable documents,instruments, investment property, or letter‑of‑credit rights is perfectedby a method other than filing, conflicting perfected security interests inproceeds of the collateral rank according to priority in time of filing.
(e) Applicability ofsubsection (d). Subsection (d) of this section applies only if the proceeds ofthe collateral are not cash proceeds, chattel paper, negotiable documents,instruments, investment property, or letter‑of‑credit rights.
(f) Limitations onsubsections (a) through (e). Subsections (a) through (e) of this section aresubject to:
(1) Subsection (g) ofthis section and the other provisions of this Part;
(2) G.S. 25‑4‑208with respect to a security interest of a collecting bank;
(3) G.S. 25‑5‑118with respect to a security interest of an issuer or nominated person; and
(4) G.S. 25‑9‑110with respect to a security interest arising under Article 2 or 2A of thisChapter.
(g) Priority underagricultural lien statute. A perfected agricultural lien on collateral haspriority over a conflicting security interest in or agricultural lien on thesame collateral if the statute creating the agricultural lien so provides. (1866‑7,c. 1, s. 1; 1872‑3, c. 133, s. 1; Code, s. 1799; 1893, c. 9; Rev., s.2052; C.S., s. 2480; 1925, c. 302, s. 1; 1927, c. 22; 1935, c. 205; 1945, c.196, s. 4; 1955, c. 816; 1957, c. 999; 1965, c. 700, s. 1; 1967, c. 24, s. 13;1975, c. 862, s. 7; 1979, c. 404, s. 2; 1989 (Reg. Sess., 1990), c. 1024, s.8(o); 1997‑181, ss. 15, 16; 1997‑336, s. 1; 1997‑456, s. 5;2000‑169, s. 1.)
