§ 25-9-325. Priority of security interests in transferred collateral.
§25‑9‑325. Priority of security interests in transferredcollateral.
(a) Subordination ofsecurity interest in transferred collateral. Except as otherwise provided insubsection (b) of this section, a security interest created by a debtor issubordinate to a security interest in the same collateral created by anotherperson if:
(1) The debtor acquiredthe collateral subject to the security interest created by the other person;
(2) The securityinterest created by the other person was perfected when the debtor acquired thecollateral; and
(3) There is no periodthereafter when the security interest is unperfected.
(b) Limitation ofsubsection (a) subordination. Subsection (a) of this section subordinates asecurity interest only if the security interest:
(1) Otherwise would havepriority solely under G.S. 25‑9‑322(a) or G.S. 25‑9‑324;or
(2) Arose solely underG.S. 25‑2‑711(3) or G.S. 25‑2A‑508(5). (2000‑169,s. 1.)