South Carolina Code 36-9-325. Priority of security interests in transferred collateral
Current as of: 2023 | Check for updates
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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;
(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 § 36-9-322(a) or 36-9-324; or
(2) arose solely under § 36-2-711(3) or 36-2A-508(5).