§ 26-1-9.1-322 — Priorities among conflicting security interests in and agricultural liens on same collateral

Indiana § 26-1-9.1-322

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 9.1: Secured Transactions

Text

(a) Except as otherwise provided in this
section, priority among conflicting security interests and agricultural
liens in the same collateral is determined according to the following
rules:
(1) Conflicting perfected security interests and agricultural liens
rank according to priority in time of filing or perfection. Priority
dates from the earlier of the time a filing covering the collateral
is first made or the security interest or 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 of 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 IC 26-1-9.1-327, IC 26-1-9.1-328, IC 26-1-9.1-329, IC 26-1-9.1-330, or IC 26-1-9.1-331 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:
(1) subsection (g) and IC 26-1-9.1-301 through IC 26-1-9.1-342;
(2) IC 26-1-4-210 with respect to a security interest of a collecting
bank;
(3) IC 26-1-5.1-118 with respect to a security interest of an issuer
or nominated person; and
(4) IC 26-1-9.1-110 with respect to a security interest arising
under IC 26-1-2 or IC 26-1-2.1.
(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.

Legislative History

As added by P.L.57-2000, SEC.45. Amended by P.L.165-2001, SEC.8.