Page:United States Statutes at Large Volume 77.djvu/791

 77 STAT. ]

PUBLIC LAW 88-243-DEC. 30, 1963

secures obligations due more than six months before the crops become irrowing crops by planting or otherwise, even though the person giving new value had knowledge of the earlier security interest. (3) A purchase money security interest in inventory collateral has priority over a conflicting security interest in the same collateral if (a) the purchase money security interest is perfected at the time the debtor receives possession of the collateral; and (b) any secured party whose security interest is known to the holder of the purchase money security interest or who, prior to the date of the filing made by the liolder of the purchase money security interest, had filed a financing statement covering the same items or type of inventory, has received notification of the purchase money security interest before the debtor recei\es possession of the collateral covered by the purchase money security interest; and (c) such 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 if the purchase money security interest is perfected at the rime the debtor receives possession of the collateral or within ten 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 (pialify 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 detennined as follows: (a) in the order of filing if both are perfected by filing, regardless of which security interest attached first under section 28:9— 204(1) and whether it attached before or after filing; (b) in the order of perfection unless both are perfected by filing, regardless of which security interest attached first under section 28:9—204(1) and, in the case of a filed security interest, whether it attached before or after filing; and (c) in the order of attachment under section 28:9—204(1) so long as neither is perfected. (6) For the purpose of the priority rules of the immediately preceding subsection, a continuously j^erfected security interest shall be treated at all times as if perfected by filing if it was originally so perfected and it shall be treated at all times as if perfected otherwise than by filing if it was originally perfected otherwise than by filing. § 28:9—313. Priority of security interests in fixtures (1) The rules of this section do not apply to goods incorporated into a structure in the manner of lumber, bricks, tile, cement, glass, metal work and the like and no security interest in them exists under this article unless the structure remains personal property under applicable law. The law of the District other than this subtitle determines whether and when other goods become fixtures. This subtitle does not prevent creation of an encumbrance upon fixtures or real estate pursuant to the law applicable to real estate. (2) A security interest which attaches to goods before they become fixtures takes priority as to the goods over the claims of all persons who have an interest in the real estate except as stated in subsection (3) A security interest which attaches to goods after they become fixtures is valid against all persons subsequently acquiring interests in the real estate except as stated in subsection (4) but is invalid against any person with an interest in the real estate at the time the

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