Section 45.29.325. Priority of security interests in transferred collateral.

   (a) Except as otherwise provided in (b) of this section, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if
        (1) the debtor acquired the collateral subject to the security interest created by the other person;
        (2) the security interest created by the other person was perfected when the debtor acquired the collateral; and
        (3) there is no period after the events described in (1) and (2) of this subsection when the security interest is unperfected.
   (b) The provisions of (a) of this section subordinate a security interest only if the security interest
        (1) otherwise would have priority solely under AS 45.29.322(a) or 45.29.324; or
        (2) arose solely under AS 45.02.711(c) or AS 45.12.508(e).

Notes

History

(Sec. 1 ch 113 SLA 2000)