Utah Code 70A-9a-325. Priority of security interests in transferred collateral
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(1) Except as otherwise provided in Subsection (2) , a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:
Terms Used In Utah Code 70A-9a-325
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5(1)(a) the debtor acquired the collateral subject to the security interest created by the other person;(1)(b) the security interest created by the other person was perfected when the debtor acquired the collateral; and(1)(c) there is no period thereafter when the security interest is unperfected.
(2) Subsection (1) subordinates a security interest only if the security interest:
(2)(a) otherwise would have priority solely under Subsection 70A-9a-322(1) or Section 70A-9a-324 ; or
(2)(b) arose solely under Subsection 70A-2-711(3) or 70A-2a-508(5) .