400.9-317. Interests that take priority over or take free of security interest or agricultural lien.

MISSOURI STATUTES AND CODES

400.9-317. Interests that take priority over or take free of security interest or agricultural lien.

Interests that take priority over or take free of security interestor agricultural lien.

400.9-317. (a) A security interest or agricultural lien issubordinate to the rights of:

(1) A person entitled to priority under section 400.9-322; and

(2) Except as otherwise provided in subsection (e), a person thatbecomes a lien creditor before the earlier of the time:

(A) The security interest or agricultural lien is perfected; or

(B) One of the conditions specified in section 400.9-203(b)(3) is metand a financing statement covering the collateral is filed.

(b) Except as otherwise provided in subsection (e), a buyer, otherthan a secured party, of tangible chattel paper, documents, goods,instruments, or a security certificate takes free of a security interest oragricultural lien if the buyer gives value and receives delivery of thecollateral without knowledge of the security interest or agricultural lienand before it is perfected.

(c) Except as otherwise provided in subsection (e), a lessee of goodstakes free of a security interest or agricultural lien if the lessee givesvalue and receives delivery of the collateral without knowledge of thesecurity interest or agricultural lien and before it is perfected.

(d) A licensee of a general intangible or a buyer, other than asecured party, of accounts, electronic chattel paper, general intangibles,or investment property other than a certificated security takes free of asecurity interest if the licensee or buyer gives value without knowledge ofthe security interest and before it is perfected.

(e) Except as otherwise provided in sections 400.9-320 and 400.9-321,if a person files a financing statement with respect to a purchase-moneysecurity interest before or within twenty days after the debtor receivesdelivery of the collateral, the security interest takes priority over therights of a buyer, lessee, or lien creditor which arise between the timethe security interest attaches and the time of filing.