§ 26-1-9.1-326 — Priority of security interests created by new debtor

Indiana § 26-1-9.1-326

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

Text

(a) Subject to subsection (b), a security
interest that is created by a new debtor in collateral in which the new
debtor has or acquires rights and is perfected solely by a filed financing
statement that would be ineffective to perfect the security interest but
for the application of IC 26-1-9.1-316(i)(1) or IC 26-1-9.1-508 is
subordinate to a security interest in the same collateral that is perfected
by another method.
(b) The other provisions of IC 26-1-9.1-301 through IC 26-1-9.1-342 determine the priority among conflicting security
interests in the same collateral perfected by filed financing statements
described in subsection (a). However, if the security agreements to
which a new debtor became bound as a debtor were not entered into by
the same original debtor, the conflicting security interests rank
according to priority in time of the new debtor's having become bound.

Legislative History

As added by P.L.57-2000, SEC.45. Amended by P.L.54-2011, SEC.9.