2007 Minnesota Statutes

336.9-325 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 336.9-322(a) or 336.9-324; or
(2) arose solely under section 336.2-711(3) or 336.2A-508(5).
History: 2000 c 399 art 1 s 45