§ 41-09-45 — (9-325) Priority of security interests in transferred collateral

1. Except as otherwise provided in subsection 2, a security interest created by a debtor is
subordinate to a security interest in the same collateral created by another person if:
a. The debtor acquired the collateral subject to the security interest created by the
other person;
b. The security interest created by the other person was perfected when the debtor
acquired the collateral; and
c. There is no period thereafter when the security interest is unperfected.
2. Subsection 1 subordinates a security interest only if the security interest:
a. Otherwise would have priority solely under subsection 1 of section 41-09-42 or
section 41-09-44; or
b. Arose solely under subsection 3 of section 41-02-90 or subsection 5 of section
41-02.1-56.