§ 6A-9-322 Priorities among conflictingsecurity interests in and agricultural liens on same collateral. – (a) General priority rules. Except as otherwise provided in thissection, priority among conflicting security interests and agricultural liensin the same collateral is determined according to the following rules:
(1) Conflicting perfected security interests and agriculturalliens rank according to priority in time of filing or perfection. Prioritydates from the earlier of the time a filing covering the collateral is firstmade or the security interest or agricultural lien is first perfected, if thereis no period thereafter when there is neither filing nor perfection.
(2) A perfected security interest or agricultural lien haspriority over a conflicting unperfected security interest or agricultural lien.
(3) The first security interest or agricultural lien toattach or become effective has priority if conflicting security interests andagricultural liens are unperfected.
(b) Time of perfection: proceeds and supportingobligations. For the purposes of subsection (a)(1):
(1) The time of filing or perfection as to a securityinterest in collateral is also the time of filing or perfection as to asecurity interest in proceeds; and
(2) The time of filing or perfection as to a securityinterest in collateral supported by a supporting obligation is also the time offiling or perfection as to a security interest in the supporting obligation.
(c) Special priority rules: proceeds and supportingobligations. Except as otherwise provided in subsection (f), a securityinterest in collateral which qualifies for priority over a conflicting securityinterest under §§ 6A-9-327, 6A-9-328, 6A-9-329, 6A-9-330, or 6A-9-331also has priority over a conflicting security interest in:
(1) Any supporting obligation for the collateral; and
(2) Proceeds of the collateral if:
(i) The security interest in proceeds is perfected;
(ii) The proceeds are cash proceeds or of the same type asthe collateral; and
(iii) In the case of proceeds that are proceeds of proceeds,all intervening proceeds are cash proceeds, proceeds of the same type as thecollateral, or an account relating to the collateral.
(d) First-to-file priority rule for certaincollateral. Subject to subsection (e) and except as otherwise provided insubsection (f), if a security interest in chattel paper, deposit accounts,negotiable documents, instruments, investment property, or letter-of-creditrights is perfected by a method other than filing, conflicting perfectedsecurity interests in proceeds of the collateral rank according to priority intime of filing.
(e) Applicability of subsection (d). Subsection (d)applies only if the proceeds of the collateral are not cash proceeds, chattelpaper, negotiable documents, instruments, investment property, orletter-of-credit rights.
(f) Limitations on subsections (a) through (e).Subsections (a) through (e) are subject to:
(1) Subsection (g) and the other provisions of this part;
(2) Section 6A-4-210 with respect to a security interest of acollecting bank;
(3) Section 6A-5-118 with respect to a security interest ofan issuer or nominated person; and
(4) Section 6A-9-110 with respect to a security interestarising under chapter 2 or 2.1.
(g) Priority under agricultural lien statute. Aperfected agricultural lien on collateral has priority over a conflictingsecurity interest in or agricultural lien on the same collateral if the statutecreating the agricultural lien so provides.
§ 6A-9-322 Priorities among conflictingsecurity interests in and agricultural liens on same collateral. – (a) General priority rules. Except as otherwise provided in thissection, priority among conflicting security interests and agricultural liensin the same collateral is determined according to the following rules:
(1) Conflicting perfected security interests and agriculturalliens rank according to priority in time of filing or perfection. Prioritydates from the earlier of the time a filing covering the collateral is firstmade or the security interest or agricultural lien is first perfected, if thereis no period thereafter when there is neither filing nor perfection.
(2) A perfected security interest or agricultural lien haspriority over a conflicting unperfected security interest or agricultural lien.
(3) The first security interest or agricultural lien toattach or become effective has priority if conflicting security interests andagricultural liens are unperfected.
(b) Time of perfection: proceeds and supportingobligations. For the purposes of subsection (a)(1):
(1) The time of filing or perfection as to a securityinterest in collateral is also the time of filing or perfection as to asecurity interest in proceeds; and
(2) The time of filing or perfection as to a securityinterest in collateral supported by a supporting obligation is also the time offiling or perfection as to a security interest in the supporting obligation.
(c) Special priority rules: proceeds and supportingobligations. Except as otherwise provided in subsection (f), a securityinterest in collateral which qualifies for priority over a conflicting securityinterest under §§ 6A-9-327, 6A-9-328, 6A-9-329, 6A-9-330, or 6A-9-331also has priority over a conflicting security interest in:
(1) Any supporting obligation for the collateral; and
(2) Proceeds of the collateral if:
(i) The security interest in proceeds is perfected;
(ii) The proceeds are cash proceeds or of the same type asthe collateral; and
(iii) In the case of proceeds that are proceeds of proceeds,all intervening proceeds are cash proceeds, proceeds of the same type as thecollateral, or an account relating to the collateral.
(d) First-to-file priority rule for certaincollateral. Subject to subsection (e) and except as otherwise provided insubsection (f), if a security interest in chattel paper, deposit accounts,negotiable documents, instruments, investment property, or letter-of-creditrights is perfected by a method other than filing, conflicting perfectedsecurity interests in proceeds of the collateral rank according to priority intime of filing.
(e) Applicability of subsection (d). Subsection (d)applies only if the proceeds of the collateral are not cash proceeds, chattelpaper, negotiable documents, instruments, investment property, orletter-of-credit rights.
(f) Limitations on subsections (a) through (e).Subsections (a) through (e) are subject to:
(1) Subsection (g) and the other provisions of this part;
(2) Section 6A-4-210 with respect to a security interest of acollecting bank;
(3) Section 6A-5-118 with respect to a security interest ofan issuer or nominated person; and
(4) Section 6A-9-110 with respect to a security interestarising under chapter 2 or 2.1.
(g) Priority under agricultural lien statute. Aperfected agricultural lien on collateral has priority over a conflictingsecurity interest in or agricultural lien on the same collateral if the statutecreating the agricultural lien so provides.
§ 6A-9-322 Priorities among conflictingsecurity interests in and agricultural liens on same collateral. – (a) General priority rules. Except as otherwise provided in thissection, priority among conflicting security interests and agricultural liensin the same collateral is determined according to the following rules:
(1) Conflicting perfected security interests and agriculturalliens rank according to priority in time of filing or perfection. Prioritydates from the earlier of the time a filing covering the collateral is firstmade or the security interest or agricultural lien is first perfected, if thereis no period thereafter when there is neither filing nor perfection.
(2) A perfected security interest or agricultural lien haspriority over a conflicting unperfected security interest or agricultural lien.
(3) The first security interest or agricultural lien toattach or become effective has priority if conflicting security interests andagricultural liens are unperfected.
(b) Time of perfection: proceeds and supportingobligations. For the purposes of subsection (a)(1):
(1) The time of filing or perfection as to a securityinterest in collateral is also the time of filing or perfection as to asecurity interest in proceeds; and
(2) The time of filing or perfection as to a securityinterest in collateral supported by a supporting obligation is also the time offiling or perfection as to a security interest in the supporting obligation.
(c) Special priority rules: proceeds and supportingobligations. Except as otherwise provided in subsection (f), a securityinterest in collateral which qualifies for priority over a conflicting securityinterest under §§ 6A-9-327, 6A-9-328, 6A-9-329, 6A-9-330, or 6A-9-331also has priority over a conflicting security interest in:
(1) Any supporting obligation for the collateral; and
(2) Proceeds of the collateral if:
(i) The security interest in proceeds is perfected;
(ii) The proceeds are cash proceeds or of the same type asthe collateral; and
(iii) In the case of proceeds that are proceeds of proceeds,all intervening proceeds are cash proceeds, proceeds of the same type as thecollateral, or an account relating to the collateral.
(d) First-to-file priority rule for certaincollateral. Subject to subsection (e) and except as otherwise provided insubsection (f), if a security interest in chattel paper, deposit accounts,negotiable documents, instruments, investment property, or letter-of-creditrights is perfected by a method other than filing, conflicting perfectedsecurity interests in proceeds of the collateral rank according to priority intime of filing.
(e) Applicability of subsection (d). Subsection (d)applies only if the proceeds of the collateral are not cash proceeds, chattelpaper, negotiable documents, instruments, investment property, orletter-of-credit rights.
(f) Limitations on subsections (a) through (e).Subsections (a) through (e) are subject to:
(1) Subsection (g) and the other provisions of this part;
(2) Section 6A-4-210 with respect to a security interest of acollecting bank;
(3) Section 6A-5-118 with respect to a security interest ofan issuer or nominated person; and
(4) Section 6A-9-110 with respect to a security interestarising under chapter 2 or 2.1.
(g) Priority under agricultural lien statute. Aperfected agricultural lien on collateral has priority over a conflictingsecurity interest in or agricultural lien on the same collateral if the statutecreating the agricultural lien so provides.
