UCC 9-326. Priority of security interests created by new debtor
(1) Subject to subsection (2) 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 ORS 79.0316 (UCC 9-316. Effect of change in governing law) (9)(a) or 79.0508 (UCC 9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement) is subordinate to a security interest in the same collateral which is perfected other than by such a filed financing statement.
(2) The other provisions of ORS 79.0301 (UCC 9-301. Law governing perfection and priority of security interests) to 79.0342 (UCC 9-342. Banks right to refuse to enter into or disclose existence of control agreement) determine the priority among conflicting security interests in the same collateral perfected by filed financing statements described in subsection (1) 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 debtors having become bound. [2001 c.445 §46; 2012 c.12 §8]
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