12A:9-709 - Priority - New Jersey Statutes

12A:9-709  Priority.

12A:9-709  Priority.

(a)Law governing priority.  This chapter determines the priority of conflicting claims to collateral.  However, if the relative priorities of the claims were established before this chapter takes effect, former Chapter 9 determines priority.

(b)Priority if security interest becomes enforceable under 12A:9-203.  For purposes of  12A:9-322 (a), the priority of a security interest that becomes enforceable under 12A:9-203 of this chapter dates from the time this chapter takes effect if the security interest is perfected under this chapter by the filing of a financing statement before this chapter takes effect which would not have been effective to perfect the security interest under former Chapter 9.  This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.

L.2001, c.117, s.1; (old 708) amended 2001, c.386, s.126.