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274
LAWS OF MARYLAND
[Ch. 49
SUBTITLE 3. RIGHTS OF THIRD PARTIES; PERFECTED AND
UNPERFECTED SECURITY INTEREST; RULES OF PRIORITY.
9—301. Persons who take priority over unperfected
security interests; "lien creditor."
(1) Except as otherwise provided in subsection (2)
an unperfected security interest is subordinate to the
rights of
(a) Persons entitled to priority under §
9-312;
(b) A person who becomes a lien creditor
without knowledge of the security interest and before it
is perfected;
(c) In the case of goods, instruments,
documents, and chattel paper, a person who is not a
secured party and who is a transferee in bulk or other
buyer not in ordinary coarse of business to the extent
that he gives value and receives delivery of the
collateral without knowledge of the security interest and
before it is perfected;
(d) In the case of accounts, contract rights,
and general intangibles, a person who is not a secured
party and who is a transferee to the extent that he gives
value without knowledge of the security interest and
before it is perfected,
(2) If the secured party files with respect to a
purchase—money security interest before or within ten
days after the collateral cones into possession of the
debtor, he takes priority over the rights of a transferee
in bulk or of a lien creditor which arise between the
time the security interest attaches and the time of
filing.
(2A) If the secured party files with respect to a
non—purchase—money security interest before or within ten
days after THE security interest attaches, he takes
priority over the rights of a transferee in bulk or of a
lien creditor which arise between the time the security
interest attaches and the time of filing.
(3) A "lien creditor" means a creditor who has
acquired a lien on the property involved by attachment,
levy or the like and includes [as] AN assignee for
benefit of creditors from the time of assignment, and a
trustee in bankruptcy from the date of the filing of the
petition or a receiver in equity from the time of
appointment. Unless all the creditors represented had
knowledge of the security interest such a representative
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