Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/7-9A-325.htm |
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Depth: | 0 singles |
Size: | 1,273 bytes |
Modified: | 2006-12-11 09:14:04 |
Categories: | -None- |
Title: | 7-9A-325 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 7-9A-325 Priority of security interests in transferred collateral. (a) Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (1) the debtor acquired the collateral subject to the security interest created by the other person; (2) the security interest created by the other person was perfected when the debtor acquired the collateral; and (3) there is no period thereafter when the security interest is unperfected. (b) Limitation of subsection (a) subordination. Subsection (a) subordinates a security interest only if the security interest: (1) otherwise would have priority solely under Section 7-9A-322(a) or 7-9A-324; or (2) arose solely under Section 7-2-711(3) or 7-2A-508(5). (Act 2001-481, p. 647, ยง1.) |