400.9-322. Priorities among conflicting security interests in and agricultural liens on same collateral. - Missouri Statutes

Priorities among conflicting security interests in and agriculturalliens on same collateral.

400.9-322. (a) Except as otherwise provided in this section,priority among conflicting security interests and agricultural liens in thesame collateral is determined according to the following rules:

(1) Conflicting perfected security interests and agricultural liensrank according to priority in time of filing or perfection. Priority datesfrom the earlier of the time a filing covering the collateral is first madeor 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 has priorityover a conflicting unperfected security interest or agricultural lien.

(3) The first security interest or agricultural lien to attach orbecome effective has priority if conflicting security interests andagricultural liens are unperfected.

(b) For the purposes of subsection (a)(1):

(1) The time of filing or perfection as to a security interest incollateral is also the time of filing or perfection as to a securityinterest in proceeds; and

(2) The time of filing or perfection as to a security interest incollateral supported by a supporting obligation is also the time of filingor perfection as to a security interest in the supporting obligation.

(c) Except as otherwise provided in subsection (f), a securityinterest in collateral which qualifies for priority over a conflictingsecurity interest under section 400.9-327, 400.9-328, 400.9-329, 400.9-330or 400.9-331 also has priority over a conflicting security interest in:

(1) Any supporting obligation for the collateral; and

(2) Proceeds of the collateral if:

(A) The security interest in proceeds is perfected;

(B) The proceeds are cash proceeds or of the same type as thecollateral; and

(C) In the case of proceeds that are proceeds of proceeds, allintervening proceeds are cash proceeds, proceeds of the same type as thecollateral, or an account relating to the collateral.

(d) 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 priorityin time of filing.

(e) Subsection (d) applies only if the proceeds of the collateral arenot cash proceeds, chattel paper, negotiable documents, instruments,investment property, or letter-of-credit rights.

(f) Subsections (a) through (e) are subject to:

(1) Subsection (g) and the other provisions of this part;

(2) Section 400.4-210 with respect to a security interest of acollecting bank;

(3) Section 400.5-118 with respect to a security interest of anissuer or nominated person; and

(4) Section 400.9-110 with respect to a security interest arisingunder article 2 or 2A.

(g) A perfected agricultural lien on collateral has priority over aconflicting security interest in or agricultural lien on the samecollateral if the statute creating the agricultural lien so provides.

(L. 2001 S.B. 288)

Effective 7-01-01