§ 34.1-9-317 — Interests that take priority over or take free of security interest or agricultural lien

(a) A security interest or agricultural lien is
subordinate to the rights of:
(i) A person entitled to priority under section
34.1-9-322; and
(ii) Except as otherwise provided in subsection (e),
a person that becomes a lien creditor before the earlier of the
time:
(A) The security interest or agricultural lien
is perfected; or
(B) One (1) of the conditions specified in W.S.
34.1-9-203(b)(iii) is met and a financing statement covering the
collateral is filed.
(b) Except as otherwise provided in subsection (e), a
buyer, other than a secured party, of tangible chattel paper,
tangible documents, goods, instruments or a certificated
security takes free of a security interest or agricultural lien
if the buyer gives value and receives delivery of the collateral
without knowledge of the security interest or agricultural lien
and before it is perfected.
(c) Except as otherwise provided in subsection (e), a
lessee of goods takes free of a security interest or
agricultural lien if the lessee gives value and receives
delivery of the collateral without knowledge of the security
interest or agricultural lien and before it is perfected.
(d) A licensee of a general intangible or a buyer, other
than a secured party, of collateral other than tangible chattel
paper, tangible documents, goods, instrument or a certificated
security takes free of a security interest if the licensee or
buyer gives value without knowledge of the security interest and
before it is perfected.
(e) Except as otherwise provided in sections 34.1-9-320
and 34.1-9-321, if a person files a financing statement with
respect to a purchase-money security interest before or within
twenty (20) days after the debtor receives delivery of the
collateral, the security interest takes priority over the rights
of a buyer, lessee or lien creditor which arise between the time
the security interest attaches and the time of filing.