57A-9-709. Determination of priority of conflicting claims to collateral--Dating priority of security interest.
114 words·~1 min read·
/sd/title-57/chapter-57-9/57a-9-709·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)This chapter determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, former chapter 57A-9 determines priority.
(b)For purposes of § 57A-9-322(a), the priority of a security interest that becomes enforceable under § 57A-9-203 of this chapter dates from July 1, 2001, if the security interest is perfected under this chapter by the filing of a financing statement before July 1, 2001, which would not have been effective to perfect the security interest under former chapter 57A-9 . This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.