AGRICULTURAL LIEN IS FIRST PERFECTED, IF THERE IS NO PERIOD THEREAFTER
WHEN THERE IS NEITHER FILING NOR PERFECTION.

(2) A PERFECTED SECURITY INTEREST OR AGRICULTURAL LIEN HAS
PRIORITY OVER A CONFLICTING UNPERFECTED SECURITY INTEREST OR
AGRICULTURAL LIEN.

(3) THE FIRST SECURITY INTEREST OR AGRICULTURAL LIEN TO ATTACH
OR BECOME EFFECTIVE HAS PRIORITY IF CONFLICTING SECURITY INTERESTS AND
AGRICULTURAL LIENS ARE UNPERFECTED.

(B) FOR THE PURPOSES SUBSECTION (A)(1):

(1) THE TIME OF FILING OR PERFECTION AS TO A SECURITY INTEREST
IN COLLATERAL IS ALSO THE TIME OF FILING OR PERFECTION AS TO A SECURITY
INTEREST IN PROCEEDS; AND

(2) THE TIME OF FILING OR PERFECTION AS TO A SECURITY INTEREST
IN COLLATERAL SUPPORTED BY A SUPPORTING OBLIGATION IS ALSO THE TIME OF
FILING OR PERFECTION AS TO A SECURITY INTEREST IN THE SUPPORTING
OBLIGATION.

(C) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (F), A SECURITY
INTEREST IN COLLATERAL WHICH QUALIFIES FOR PRIORITY OVER A CONFLICTING
SECURITY INTEREST UNDER § 9-327, § 9-328, § 9-329, § 9-330, OR § 9-331 ALSO HAS
PRIORITY OVER A CONFLICTING SECURITY INTEREST IN:

(1) ANY SUPPORTING OBLIGATION FOR THE COLLATERAL; AND

(2) PROCEEDS OF THE COLLATERAL IF:

(A) THE SECURITY INTEREST IN PROCEEDS IS PERFECTED,

(B) THE PROCEEDS ARE CASH PROCEEDS OR OF THE SAME TYPE AS
THE COLLATERAL; AND

(C) IN THE CASE OF PROCEEDS THAT ARE PROCEEDS OF
PROCEEDS, ALL INTERVENING PROCEEDS ARE CASH PROCEEDS, PROCEEDS OF THE
SAME TYPE AS THE COLLATERAL, OR AN ACCOUNT RELATING TO THE COLLATERAL.

(D) SUBJECT TO SUBSECTION (E) AND EXCEPT AS OTHERWISE PROVIDED IN
SUBSECTION (F), IF A SECURITY INTEREST IN CHATTEL PAPER, DEPOSIT ACCOUNTS,
NEGOTIABLE DOCUMENTS, INSTRUMENTS, INVESTMENT PROPERTY, OR
LETTER-OF-CREDIT RIGHTS IS PERFECTED BY A METHOD OTHER THAN FILING,
CONFLICTING PERFECTED SECURITY INTERESTS IN PROCEEDS OF THE COLLATERAL
RANK ACCORDING TO PRIORITY IN TIME OF FILING.

(E) SUBSECTION (D) APPLIES ONLY IF THE PROCEEDS OF THE COLLATERAL
ARE NOT CASH PROCEEDS, CHATTEL PAPER, NEGOTIABLE DOCUMENTS,
INSTRUMENTS, INVESTMENT PROPERTY, OR LETTER-OF-CREDIT RIGHTS.

(F) SUBSECTIONS (A) THROUGH (E) ARE SUBJECT TO: