§12A-9-301.

§12A-9-301.
   
   Persons Who Take Priority Over Unperfected Security Interests; Right
   of "Lien Creditor".
   
   (1) Except as otherwise provided in subsection (2) of this section, an
   unperfected security interest is subordinate to the rights of:
   
   (a) persons entitled to priority under Section 9-312 of this title;
   
   (b) a person who becomes a lien creditor before the security interest
   is perfected;
   
   (c) in the case of goods, instruments, documents and chattel paper, a
   person who is not a secured party and who is a transferee in bulk or
   other buyer not in ordinary course of business, or is a buyer of farm
   products in the ordinary course of business, to the extent that he
   gives value and receives delivery of the collateral without knowledge
   of the security interest and before it is perfected; or
   
   (d) in the case of accounts, general intangibles, and investment
   property, a person who is not a secured party and who is a transferee
   to the extent that he gives value without knowledge of the security
   interest and before it is perfected.
   
   (2) If the secured party files with respect to a purchase money
   security interest before or within twenty (20) days after the debtor
   receives possession of the collateral, he takes priority over the
   rights of a transferee in bulk or of a lien creditor which arise
   between the time the security interest attaches and the time of
   filing.
   
   (3) A "lien creditor" means a creditor who has acquired a lien on the
   property involved by attachment, levy or the like and includes an
   assignee for benefit of creditors from the time of assignment, and a
   trustee in bankruptcy from the date of the filing of the petition or a
   receiver in equity from the time of appointment.
   
   (4) A person who becomes a lien creditor while a security interest is
   perfected takes subject to the security interest only to the extent
   that it secures advances made before he becomes a lien creditor or
   within forty-five (45) days thereafter or is made without knowledge of
   the lien or pursuant to a commitment entered into without knowledge of
   the lien.