Missouri Laws 400.9-325 – Priority in security interests in transferred collateral
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(a) Except as otherwise provided in subsection (b), 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;
Terms Used In Missouri Laws 400.9-325
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
(2) The security interest created by the other person was perfected when the debtor acquired the collateral; and
(3) There is no period thereafter when the security interest is unperfected.
(b) Subsection (a) subordinates a security interest only if the security 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).