(1)    Subordination of security interest in transferred collateral. Except as otherwise provided in sub. (2), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:

      (a)    The debtor acquired the collateral subject to the security interest created by the other person;

      (b)    The security interest created by the other person was perfected when the debtor acquired the collateral; and

      (c)    There is no period thereafter when the security interest is unperfected.

   (2)   Limitation of sub. (1) subordination. Subsection (1) subordinates a security interest only if the security interest:

      (a)    Otherwise would have priority solely under s. 409.322 (1) or 409.324; or

      (b)    Arose solely under s. 402.711 (3) or 411.508 (5).