§12A-9-312.

§12A-9-312.
   
   Priorities Among Conflicting Security Interests in the Same
   Collateral.
   
   (1) The rules of priority stated in other sections of this part and in
   the following sections shall govern when applicable: Section 4-210 of
   this title with respect to the security interests of collecting banks
   in items being collected, accompanying documents and proceeds; Section
   9-103.1 of this title on security interests related to other
   jurisdictions; Section 9-114 of this title on consignments; and
   Section 9-115 of this title on security interests on investment
   property.
   
   (2) A perfected security interest in crops for new value given to
   enable the debtor to produce the crops during the production season
   and given not more than three (3) months before the crops become
   growing crops by planting or otherwise takes priority over an earlier
   perfected security interest to the extent that such earlier interest
   secures obligations due more than six (6) months before the crops
   become growing crops by planting or otherwise, even though the person
   giving new value had knowledge of the earlier security interest.
   
   (3) A perfected purchase money security interest in inventory has
   priority over a conflicting security interest in the same inventory
   and also has priority in identifiable cash proceeds received on or
   before the delivery of the inventory to a buyer if:
   
   (a) the purchase money security interest is perfected at the time the
   debtor receives possession of the inventory; and
   
   (b) the purchase money secured party gives notification in writing to
   the holder of the conflicting security interest, if the holder had
   filed a financing statement covering the same types of inventory (i)
   before the date of the filing made by the purchase money secured
   party, or (ii) before the beginning of the twenty-one-day period where
   the purchase money security interest is temporarily perfected without
   filing or possession (subsection (5) of Section 9-304 of this title);
   and
   
   (c) the holder of the conflicting security interest receives the
   notification within five (5) years before the debtor receives
   possession of the inventory; and
   
   (d) the notification states that the person giving the notice has or
   expects to acquire a purchase money security interest in inventory of
   the debtor, describing such inventory by item or type.
   
   (4) A purchase money security interest in collateral other than
   inventory has priority over a conflicting security interest in the
   same collateral or its proceeds if the purchase money security
   interest is perfected at the time the debtor receives possession of
   the collateral or within twenty (20) days thereafter.
   
   (5) In all cases not governed by other rules stated in this section,
   including cases of purchase money security interests which do not
   qualify for the special priorities set forth in subsections (3) and
   (4) of this section, priority between conflicting security interests
   in the same collateral shall be determined according to the following
   rules:
   
   (a) conflicting security interests rank according to priority in time
   of filing or perfection. Priority dates from the time a filing is
   first made covering the collateral or the time the security interest
   is first perfected, whichever is earlier, provided that there is no
   period thereafter when there is neither filing nor perfection; and
   
   (b) so long as conflicting security interests are unperfected, the
   first to attach has priority.
   
   (6) For the purposes of subsection (5) of this section, a date of
   filing or perfection as to collateral is also a date of filing or
   perfection as to proceeds.
   
   (7) If future advances are made while a security interest is perfected
   by filing, the taking of possession, or pursuant to the provisions of
   Section 9-115 or 9-116 of this title on investment property, the
   security interest has the same priority for the purposes of subsection
   (5) of this section with respect to the future advances as it does
   with respect to the first advance. If a commitment is made before or
   while the security interest is so perfected, the security interest has
   the same priority with respect to advances made pursuant thereto. In
   other cases a perfected security interest has priority from the date
   the advance is made.