30-2A-307. Priority of liens arising by attachment or levy on, security interests in, and other claims to goods. (1) Except as otherwise provided in 30-2A-306, a creditor of a lessee takes subject to the lease contract.
     (2) Except as otherwise provided in 30-2A-306, 30-2A-308, and subsections (3) and (4) of this section, a creditor of a lessor takes subject to the lease contract unless:
     (a) the creditor holds a lien that attached to the goods before the lease contract became enforceable;
     (b) the creditor holds a security interest in the goods and the lessee did not give value and receive delivery of the goods without knowledge of the security interest; or
     (c) the creditor holds a security interest in the goods that was perfected (30-9-303) before the lease contract became enforceable.
     (3) A lessee in the ordinary course of business takes the leasehold interest free of a security interest in the goods created by the lessor even though the security interest is perfected (30-9-303) and the lessee knows of its existence.
     (4) A lessee other than a lessee in the ordinary course of business takes the leasehold interest free of a security interest to the extent that it secures future advances made after the secured party acquires knowledge of the lease or more than 45 days after the lease contract becomes enforceable, whichever occurs first, unless the future advances are made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the 45-day period.

     History: En. Sec. 43, Ch. 410, L. 1991.