§ 9301. Persons Who Take Priority over Unperfected Security
Interests: Lien Creditor.
(1) Except as otherwise provided in subdivision (2), an unperfected security interest is subordinate to the rights of
(a) Persons entitled to priority under Section 9312;

(b) A person who becomes a lien creditor before the security interest is perfected;
(c) In the case of goods, instruments, documents, and chattel paper, a person who is not a secured party and who is a transferee in bulk or other buyer not in ordinary course of business to the extent

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that he gives value and receives delivery of the collateral without knowledge of the security interest and before it is perfected;
(d) In the case of accounts and general intangibles, a person who is not a secured party and who is a transferee to the extent that he gives value without knowledge of the security interest and before it is perfected.

(2) If the secured party files with respect to a purchase money security interest before or within 10 days after the debtor receives possession of the collateral, he takes priority over the rights of a transferee in bulk or of a lien creditor which arise between the time the security interest attaches and the time of filing.
(3) A lien creditor means a creditor who has acquired a lien on the property involved by attachment, levy or the like and includes an assignee for benefit of creditors from the time of assignment, and a trustee in bankruptcy from the date of the filing of the petition or a receiver in equity from the time of appointment.

(4) A person who becomes a lien creditor while a security interest is perfected takes subject to the security interest only to the extent that it secures advances made before he becomes a lien creditor or within 45 days thereafter or made without knowledge of the lien or pursuant to a commitment entered into without knowledge of the lien.

§ 9302. When Filing Is Required to Perfect Security Interest; Security Interests to Which Filing Provisions of This Division Do Not Apply.
(1) A financing statement must be filed to perfect all security interests except the following;
(a) A security interest in collateral in possession of the secured party under Section 9305;
(b) A security interest temporarily perfected in instruments or documents without delivery under Section 9304 or in proceeds for a
10-day period under Section 9306;
(c) A security interest created by an assignment of a beneficial interest in a trust or a decedent‘s estate;

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(d) A purchase money security interest in consumer goods; but filing is required for a motor vehicle or boat required to be registered;

(e) A security interest of a collecting bank (Section 4208) or arising under the division on sales (see Section 9113) or covered in subdivision (3) of this section;

(f) An assignment for the benefit of all the creditors of the transferor, and subsequent transfers by the assignee thereunder;
(g) A security interest in a deposit account. Such a security interest is perfected:
(1) As to a deposit account maintained with the secured party when the security agreement is executed;

(2) As to a deposit account not described in subparagraph (1) when notice thereof is given in writing to the organization with whom the deposit account is maintained.

(h) A security interest in or claim in or under any policy of insurance including unearned premiums. Such interest shall be perfected when notice thereof is given in writing to the insurer.

(2) If a secured party assigns a perfected security interest, no filing under this division is required in order to continue the perfected status of the security interest against creditors of and transferees from the original debtor.
(3) The filing of a financing statement otherwise required by this division is not necessary or effective to perfect a security interest in property subject to
(a) A statute or treaty of the United States which provides for a national or international registration or a national or international certificate of title or which specifies a place of filing different from that specified in this division for filing of the security interest; or

(b) The provisions of the Government Code which require registration of a vehicle or boat; but during any period in which collateral is inventory, held for sale by a person who is in the business of selling goods of that kind the filing provisions of this division (Chapter 4) apply to a security interest in that collateral created by him as debtor; or

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(c) A certificate of title statute of another jurisdiction under the law of which indication of a security interest on the certificate is required as a condition of perfection (subdivision (2) of Section
9103).

(4) Compliance with a statute or treaty described in subdivision (3) is equivalent to the filing of a financing statement under this division and a security interest in property subject to the statute or treaty can be perfected only by compliance therewith except as provided in Section
9103 on multiple state transactions. Duration and renewal of perfection
of a security interest perfected by compliance with the statute or treaty are governed by the provisions of the statute or treaty; in other respects the security interest is subject to this division.

§ 9303. When Security Interest Is Perfected; Continuity of
Perfection.
(1) A security interest is perfected when it has attached and when all of the applicable steps required for perfection have been taken. Such steps are specified in Sections 9302, 9304, 9305, and 9306. If such steps are taken before the security interest attaches, it is perfected at the time when it attaches.

(2) If a security interest is originally perfected in any way permitted under this division and is subsequently perfected in some other way under this division, without an intermediate period when it was unperfected, the security interest shall be deemed to be perfected continuously for the purposes of this division.