Texas Business & Commerce Code
§ 9.317 — INTERESTS THAT TAKE PRIORITY OVER OR TAKE FREE OF SECURITY INTEREST OR AGRICULTURAL LIEN
BC § 9.317Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. C. PERFECTION AND PRIORITY
Statute text
View on source(a)A security interest or agricultural lien is subordinate to the rights of:
(1)a person entitled to priority under Section 9.322; and
(2)except as otherwise provided in Subsection (e), a person that becomes a lien creditor before the earlier of the time:
(A)the security interest or agricultural lien is perfected; or
(B)one of the conditions specified in Section 9.203(b)(3) is met and a financing statement covering the collateral is filed.
(b)Except as otherwise provided in Subsection (e), a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
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Legislative history
Acts 2005, 79th Leg., Ch. 122 (S.B. 1593), Sec. 28, eff. September 1, 2005. Acts 2011, 82nd Leg., R.S., Ch. 67 (S.B. 782), Sec. 7, eff. July 1, 2013.