30-9-345. (Effective July 1, 2001) Priority of security interests in transferred collateral. (1) Except as otherwise provided in subsection (2), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:
     (a) the debtor acquired the collateral subject to the security interest created by the other person;
     (b) the security interest created by the other person was perfected when the debtor acquired the collateral; and
     (c) there is no period thereafter when the security interest is unperfected.
     (2) Subsection (1) subordinates a security interest only if the security interest:
     (a) otherwise would have priority solely under 30-9-342(1) or 30-9-344; or
     (b) arose solely under 30-2-711(3) or 30-2A-508(5).

     History: En. Sec. 44, Ch. 305, L. 1999.