Texas Business & Commerce Code

§ 9.322 — PRIORITIES AMONG CONFLICTING SECURITY INTERESTS IN AND AGRICULTURAL LIENS ON SAME COLLATERAL

BC § 9.322Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. C. PERFECTION AND PRIORITY

Statute text

(a)Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules:

(1)Conflicting perfected security interests and agricultural liens rank according to priority in time of filing or perfection. Priority dates from the earlier of the time a filing covering the collateral is first made or the security interest or agricultural lien is first perfected, if there is no period thereafter when there is neither filing nor perfection.

(2)A perfected security interest or agricultural lien has priority over a conflicting unperfected security interest or agricultural lien.

(3)The first security interest or agricultural lien to attach or become effective has priority if conflicting security interests and agricultural liens are unperfected.

(b)For the purposes of Subsection (a)(1):

(1)the time of filing or perfection as to a security interest in collateral is also the time of filing or perfection as to a security interest in proceeds; and

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Legislative history

Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.