Article 9-A: TRANSACTIONS HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
Part 3: PERFECTION AND PRIORITY HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
Subpart 3: PRIORITY HEADING: PL 1999, C. 699, PT. A, §2 (NEW)
§9-1317. Interests that take priority over or take free of security interest or agricultural lien
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(1). A security interest or agricultural lien is subordinate to the rights of:
(a). A person entitled to priority under section 9-1322; and [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
(b). Except as otherwise provided in subsection (5), a person that becomes a lien creditor before the earlier of the time:
(i) The security interest or agricultural lien is perfected; or
(ii) One of the conditions specified in section 9-1203, subsection (2), paragraph (c) is met and a financing statement covering
the collateral is filed. [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
(2). (TEXT EFFECTIVE UNTIL 2/15/10) Except as otherwise provided in subsection (5), a buyer, other than a secured party, of tangible chattel paper, documents,
goods, instruments or a security certificate takes free of a security interest or agricultural lien if the buyer gives value
and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
(2). (TEXT EFFECTIVE 2/15/10) Except as otherwise provided in subsection (5), a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments or a security certificate takes free of a security interest or agricultural lien if the buyer
gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before
it is perfected.
[
2009, c. 324, Pt. B, §41 (AMD);
2009, c. 324, Pt. B, §48 (AFF)
.]
(3). Except as otherwise provided in subsection (5), a lessee of goods takes free of a security interest or agricultural lien
if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural
lien and before it is perfected.
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
(4). (TEXT EFFECTIVE UNTIL 2/15/10) A licensee of a general intangible or a buyer, other than a secured party, of accounts, electronic chattel paper, general
intangibles or investment property other than a certificated security takes free of a security interest if the licensee or
buyer gives value without knowledge of the security interest and before it is perfected.
[
1999, c. 699, Pt. A, §2 (NEW);
1999, c. 699, Pt. A, §4 (AFF)
.]
(4). (TEXT EFFECTIVE 2/15/10) A licensee of a general intangible or a buyer, other than a secured party, of accounts, electronic chattel paper, electronic documents, general intangibles or investment property other than a certificated security takes free of a security interest if the licensee
or buyer gives value without knowledge of the security interest and before it is perfected.
[
2009, c. 324, Pt. B, §42 (AMD);
2009, c. 324, Pt. B, §48 (AFF)
.]
(5). Except as otherwise provided in sections 9-1320 and 9-1321, if a person files a financing statement with respect to a purchase-money
security interest before or within 20 days after the debtor receives delivery of the collateral, the security interest takes
priority over the rights of a buyer, lessee or lien creditor that arise between the time the security interest attaches and
the time of filing, unless the collateral is covered by Title 29-A, chapter 7, in which case the security interest takes priority
if perfected in accordance with section 9-1303 within 30 days after the debtor receives delivery of the collateral.
[
2003, c. 652, Pt. A, §1 (AMD);
2003, c. 652, Pt. A, §7 (AFF)
.]
SECTION HISTORY
1999, c. 699, §A2 (NEW).
1999, c. 699, §A4 (AFF).
2003, c. 652, §A1 (AMD).
2003, c. 652, §A7 (AFF).
2009, c. 324, Pt. B, §§41, 42 (AMD).
2009, c. 324, Pt. B, §48 (AFF).
Data for this page extracted on 11/02/2009 01:51:30.