Minn. Stat. § 336.9-325

Current through 2024, c. 127
Section 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).

Minn. Stat. § 336.9-325

2000 c 399 art 1 s 45