(a) Subordination of security interest created by new debtor.- - Subject to subsection (b) of this section, a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be ineffective to perfect the security interest but for the application of Section 9-316(i)(1) or 9-508 is subordinate to a security interest in the same collateral which is perfected other than by such a filed financing statement.
(b) Priority under other provisions; multiple original
debtors. -- The other provisions of this part determine the
priority among conflicting security interests in the same
collateral perfected by filed financing statements described in
subsection (a) of this section. However, if the security
agreements to which a new debtor became bound as debtor were not
entered into by the same original debtor, the conflicting security
interests rank according to priority in time of the new debtor's
having become bound.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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