§ 34.1-9-323 — Future advances

(a) Except as otherwise provided in subsection (c), for
purposes of determining the priority of a perfected security
interest under section 34.1-9-322(a)(i), perfection of the
security interest dates from the time an advance is made to the
extent that the security interest secures an advance that:
(i) Is made while the security interest is perfected
only:
(A) Under section 34.1-9-309 when it attaches;
or
(B) Temporarily under section 34.1-9-312(e), (f)
or (g); and
(ii) Is not made pursuant to a commitment entered
into before or while the security interest is perfected by a
method other than under section 34.1-9-309 or 34.1-9-312(e), (f)
or (g).
(b) Except as otherwise provided in subsection (c), a
security interest is subordinate to the rights of a person that
becomes a lien creditor to the extent that the security interest
secures an advance made more than forty-five (45) days after the
person becomes a lien creditor unless the advance is made:
(i) Without knowledge of the lien; or
(ii) Pursuant to a commitment entered into without
knowledge of the lien.
(c) Subsections (a) and (b) do not apply to a security
interest held by a secured party that is a buyer of accounts,
chattel paper, payment intangibles or promissory notes or a
consignor.
(d) Except as otherwise provided in subsection (e), a
buyer of goods other than a buyer in ordinary course of business
takes free of a security interest to the extent that it secures
advances made after the earlier of:
(i) The time the secured party acquires knowledge of
the buyer's purchase; or
(ii) Forty-five (45) days after the purchase.
(e) Subsection (d) does not apply if the advance is made
pursuant to a commitment entered into without knowledge of the
buyer's purchase and before the expiration of the forty-five
(45) day period.
(f) Except as otherwise provided in subsection (g), a
lessee of goods, other than a lessee in ordinary course of
business, takes the leasehold interest free of a security
interest to the extent that it secures advances made after the
earlier of:
(i) The time the secured party acquires knowledge of
the lease; or
(ii) Forty-five (45) days after the lease contract
becomes enforceable.
(g) Subsection (f) does not apply if the advance is made
pursuant to a commitment entered into without knowledge of the
lease and before the expiration of the forty-five (45) day
period.