(a. 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. Subsection (a) subordinates a security interest only if the security interest:
(1. otherwise would have priority solely under § 8.9A-322 (a) or § 8.9A-324; or
(2. arose solely under § 8.2-711 (3) or § 8.2A-508 (5).
History
2000, c. 1007.
