(9-325) Priority of security interests in transferred collateral

1. Except as otherwise provided in subsection 2, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: a. The debtor acquired the collateral subject to the security interest created by the other person; b. The security interest created by the other person was perfected when the debtor acquired the collateral; and c. There is no period thereafter when the security interest is unperfected. 2. Subsection 1 subordinates a security interest only if the security interest: a. Otherwise would have priority solely under subsection 1 of section 41-09-42 or section 41-09-44; or b. Arose solely under subsection 3 of section 41-02-90 or subsection 5 of section 41-02.1-56.