Future advances.

1. When priority based on time of advance. Except as otherwise provided in subsection 3 , for purposes of determining the priority of a perfected security interest under section 554.9322, subsection 1 , paragraph “a” , perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that: a. is made while the security interest is perfected only: (1) under section 554.9309 when it attaches; or (2) temporarily under section 554.9312, subsection 5, 6, or 7 ; and b. is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under section 554.9309 or 554.9312, subsection 5, 6, or 7 . 2. Lien creditor. Except as otherwise provided in subsection 3 , a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than forty-five days after the person becomes a lien creditor unless the advance is made: a. without knowledge of the lien; or b. pursuant to a commitment entered into without knowledge of the lien. 3. Buyer of receivables. Subsections 1 and 2 do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor. 4. Buyer of goods. Except as otherwise provided in subsection 5 , a buyer of goods takes free of a security interest to the extent that it secures advances made after the earlier of: a. the time the secured party acquires knowledge of the buyer’s purchase; or b. forty-five days after the purchase. 5. Advances made pursuant to commitment — priority of buyer of goods. Subsection 4 does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer’s purchase and before the expiration of the forty-five-day period. 6. Lessee of goods. Except as otherwise provided in subsection 7 , a lessee of goods takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of: a. the time the secured party acquires knowledge of the lease; or b. forty-five days after the lease contract becomes enforceable. 7. Advances made pursuant to commitment — priority of lessee of goods. Subsection 6 does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five-day period. 2000 Acts, ch 1149, §43, 187 ; 2024 Acts, ch 1023, §69 Referred to in §554.9328 , 554.13307