§ 10:9-326 — Priority of security interests created by new debtor

§9-326. Priority of security interests created by new debtor
(a) Subordination of security interest created by new debtor. Subject to Subsection
(b) of this Section, 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 R.S. 10:9-316(i)(1) or 9-508 is subordinate to a security interest in the same collateral which is
perfected other than by such a filed financing statement.
(b) Priority under other provisions; multiple original debtors. The other provisions
of this Part determine the priority among conflicting security interests in the same collateral
perfected by filed financing statements described in Subsection (a) of this Section. However,
if the security agreements to which a new debtor became bound as 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

Acts 2001, No. 128, §1, eff. July 1, 2001; Acts 2012, No. 450, §1, eff. July 1, 2013.