3292

LAWS OF MARYLAND

Ch. 693

9-301.

(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 before the
security interest 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 course of
business, or is a buyer of farm products in ordinary course 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 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] 20 days
after the debtor receives possession of the collateral, 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 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.

9-312.

(1)  The rules of priority stated in other sections of this
subtitle and in the following sections shall govern when
applicable: § 4-208 with respect to the security interests of
collecting banks in items being collected, accompanying documents
and proceeds; § 9-103 on security interests related to other
jurisdictions; § 9-114 on consignments.

(2)  A perfected security interest in crops for new value
given to enable the debtor to produce the crops during the