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Session Laws, 1999
Volume 796, Page 2082   View pdf image
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(1) SUBSECTION (G) AND THE OTHER PROVISIONS OF THIS SUBTITLE;

(2) § 4-210 OF THIS ARTICLE WITH RESPECT TO A SECURITY INTEREST
OF A COLLECTING BANK;

(3) § 5-118 OF THIS ARTICLE WITH RESPECT TO A SECURITY INTEREST
OF AN ISSUER OR NOMINATED PERSON; AND

(4) § 9-110 WITH RESPECT TO A SECURITY INTEREST ARISING UNDER
TITLE 2 OR TITLE 2A OF THIS ARTICLE.

(G) A PERFECTED AGRICULTURAL LIEN ON COLLATERAL HAS PRIORITY OVER
A CONFLICTING SECURITY INTEREST IN OR AGRICULTURAL LIEN ON THE SAME
COLLATERAL IF THE STATUTE CREATING THE AGRICULTURAL LIEN SO PROVIDES.

9-323. FUTURE ADVANCES.

(A) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (C), FOR PURPOSES OF
DETERMINING THE PRIORITY OF A PERFECTED SECURITY INTEREST UNDER §
9-322(A)(1), PERFECTION OF THE SECURITY INTEREST DATES FROM THE TIME AN
ADVANCE IS MADE TO THE EXTENT THAT THE SECURITY INTEREST SECURES AN
ADVANCE THAT:

(1) IS MADE WHILE THE SECURITY INTEREST IS PERFECTED ONLY:

(A) UNDER § 9-309 WHEN IT ATTACHES; OR

(B) TEMPORARILY UNDER § 9-312(E), (F), OR (G); AND

(2) IS NOT MADE PURSUANT TO A COMMITMENT ENTERED INTO BEFORE
OR WHILE THE SECURITY INTEREST IS PERFECTED BY A METHOD OTHER THAN
UNDER § 9-309 OR § 9-312(E), (F), OR (G).

(B) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (C), A SECURITY
INTEREST IS SUBORDINATE TO THE RIGHTS OF A PERSON THAT BECOMES A LIEN
CREDITOR WHILE THE SECURITY INTEREST IS PERFECTED ONLY TO THE EXTENT
THAT IT SECURES ADVANCES MADE MORE THAN 45 DAYS AFTER THE PERSON
BECOMES A LIEN CREDITOR UNLESS THE ADVANCE IS MADE:

(1) WITHOUT KNOWLEDGE OF THE LIEN; OR

(2) PURSUANT TO A COMMITMENT ENTERED INTO WITHOUT
KNOWLEDGE OF THE LIEN.

(C) SUBSECTIONS (A) AND (B) DO NOT APPLY TO A SECURITY INTEREST HELD
BY A SECURED PARTY THAT IS A BUYER OF ACCOUNTS, CHATTEL PAPER, PAYMENT
INTANGIBLES, OR PROMISSORY NOTES OR A CONSIGNOR

(D) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (E), A BUYER OF
GOODS OTHER THAN A BUYER IN ORDINARY COURSE OF BUSINESS TAKES FREE OF A
SECURITY INTEREST TO THE EXTENT THAT IT SECURES ADVANCES MADE AFTER
THE EARLIER OF;

 

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Session Laws, 1999
Volume 796, Page 2082   View pdf image
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