Subordination of security interest created by new debtor

SDCL § 57A-9-326 — under SECURED TRANSACTIONS.

SDCL § 57A-9-326

(a) Subject to subsection (b), a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected by a filed financing statement that would be ineffective to perfect the security interest but for the application of § 57A-9-508 or §§ 57A-9-508 and 57A-9-316(i)(1) is subordinate to a security interest in the same collateral which is perfected other than by a filed financing statement that is effective solely under §