HARRY HUGHES, Governor

2903

(a)  In the order of filing if both are perfected
by filing, regardless of which security interest attached
first under § 9-204 (1) and whether it attached before or
after filing;

(b)  In the order of perfection unless both are
perfected by filing, regardless of which security interest
attached first under § 9-204 (1) and, in the case of a filed
security interest, whether it attached before or after-
filing; and

(c)  In the order of attachment under § 9-204 (1)
so long as neither is perfected.]

ACCORDING TO THE FOLLOWING RULES:

(A)  CONFLICTING SECURITY INTERESTS RANK
ACCORDING TO PRIORITY IN TIME OF FILING OR PERFECTION.
PRIORITY DATES FROM THE TIME A FILING IS FIRST MADE COVERING
THE COLLATERAL OR THE TIME THE SECURITY INTEREST IS FIRST
PERFECTED, WHICHEVER IS EARLIER, PROVIDED THAT THERE IS NO
PERIOD THEREAFTER WHEN THERE IS NEITHER FILING NOR
PERFECTION.

(B)  SO LONG AS CONFLICTING SECURITY INTERESTS
ARE UNPERFECTED, THE FIRST TO ATTACH HAS PRIORITY.

[(6) For the purpose of the priority rules of the
immediately preceding subsection, a continuously perfected
security interest shall be treated at all times as if
perfected by filing if it was originally so perfected and it
shall be treated at all times as if perfected otherwise than
by filing if it was originally perfected otherwise than by
filing.]

(6)  FOR THE PURPOSES OF SUBSECTION (5) A DATE OF
FILING OR PERFECTION AS TO COLLATERAL IS ALSO A DATE OF
FILING OR PERFECTION AS TO PROCEEDS.

(7)  IF FUTURE ADVANCES ARE MADE WHILE A SECURITY
INTEREST IS PERFECTED BY FILING OR THE TAKING OF POSSESSION,
THE SECURITY INTEREST HAS THE SAME PRIORITY FOR THE PURPOSES
OF SUBSECTION (5) WITH RESPECT TO THE FUTURE ADVANCES AS IT
DOES WITH RESPECT TO THE FIRST ADVANCE. IF A COMMITMENT IS
MADE BEFORE OR WHILE THE SECURITY INTEREST IS SO PERFECTED,
THE SECURITY INTEREST HAS THE SAME PRIORITY WITH RESPECT TO
ADVANCES MADE PURSUANT THERETO. IN OTHER CASES, A PERFECTED
SECURITY INTEREST HAS PRIORITY FROM THE DATE THE ADVANCE IS
MADE.

9-318.

(1) Unless an account debtor has made an enforceable
agreement not to assert defenses or claims arising out of a
sale as provided in § 9-206 the rights of an assignee are
subject to: