§12A-9-114.

§12A-9-114.
   
   Consignment. - (1) A person who delivers goods under a consignment
   which is not a security interest and who would be required to file
   under this article by paragraph (3) (c) of Section 2-326 has priority
   over a secured party who is or becomes a creditor of the consignee and
   who would have a perfected security interest in the goods if they were
   the property of the consignee, and also has priority with respect to
   identifiable cash proceeds received on or before delivery of the goods
   to a buyer, if:
   
   (a) the consignor complies with the filing provision of the Article on
   Sales with respect to consignments (paragraph (3) (c) of Section
   2-326) before the consignee receives possession of the goods; and
   
   (b) the consignor gives notification in writing to the holder of the
   security interest if the holder has filed a financing statement
   covering the same types of goods before the date of the filing made by
   the consignor; and
   
   (c) the holder of the security interest receives the notification
   within five (5) years before the consignee receives possession of the
   goods; and
   
   (d) the notification states that the consignor expects to deliver
   goods on consignment to the consignee, describing the goods by item or
   type.
   
   (2) In the case of a consignment which is not a security interest and
   in which the requirements of the preceding subsection have not been
   met, a person who delivers goods to another is subordinate to a person
   who would have a perfected security interest in the goods if they were
   the property of the debtor.