400.9-325. Priority in security interests in transferred collateral. - Missouri Statutes

Priority in security interests in transferred collateral.

400.9-325. (a) Except as otherwise provided in subsection (b), asecurity interest created by a debtor is subordinate to a security interestin the same collateral created by another person if:

(1) The debtor acquired the collateral subject to the securityinterest created by the other person;

(2) The security interest created by the other person was perfectedwhen the debtor acquired the collateral; and

(3) There is no period thereafter when the security interest isunperfected.

(b) Subsection (a) subordinates a security interest only if thesecurity interest:

(1) Otherwise would have priority solely under section 400.9-322(a)or 400.9-324; or

(2) Arose solely under section 400.2-711(3) or 400.2A-508(5).

(L. 2001 S.B. 288)

Effective 7-01-01