4 NY Practice Guide: Business and Commercial SECTION 9-322


Summary

  • SECTION 9-322. PRIORITIES AMONG CONFLICTING SECURITY INTERESTS IN AND AGRICULTURAL LIENS ON SAME COLLATERAL.1Link to the text of the note 
    • (a) [General priority rules.] Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules:
      • (1) Conflicting perfected security interests and agricultural liens rank according to priority in time of filing or perfection. Priority dates from the earlier of the time a filing covering the collateral is first made or the security interest or agricultural lien is first perfected, if there is no period thereafter when there is neither filing nor perfection.
      • (2) A perfected security interest or agricultural lien has priority over a conflicting unperfected security interest or agricultural lien.
      • (3) The first security interest or agricultural lien to attach or become effective has priority if conflicting security interests and ...