(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:
(i)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;
(ii)A perfected security interest or agricultural
lien has priority over a conflicting unperfected security
interest or agricultural lien;
(iii)The first security interest or agricultural
lien to attach or become effective has priority if confli
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(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:
(i) 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;
(ii) A perfected security interest or agricultural
lien has priority over a conflicting unperfected security
interest or agricultural lien;
(iii) 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 paragraph (a)(i):
(i) 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
(ii) 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 section 34.1-9-327,
34.1-9-328, 34.1-9-329, 34.1-9-330 or 34.1-9-331 also has
priority over a conflicting security interest in:
(i) Subsection (g) and the other provisions of this
part;
(ii) Section 34.1-4-210 with respect to a security
interest of a collecting bank:
(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:
(i) Subsection (g) and the other provisions of this
part;
(ii) Section 34.1-4-210 with respect to a security
interest of a collecting bank;
(iii) Section 34.1-5-118 with respect to a security
interest of an issuer or nominated person; and
(iv) Section 34.1-9-110 with respect to a security
interest arising under article 2 or 2A.
(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.