The Florida Senate

679.325  Priority of security interests in transferred collateral.--

(1)  Except as otherwise provided in subsection (2), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:

(a)  The debtor acquired the collateral subject to the security interest created by the other person;

(b)  The security interest created by the other person was perfected when the debtor acquired the collateral; and

(c)  There is no period thereafter during which the security interest is unperfected.

(2)  Subsection (1) subordinates a security interest only if the security interest:

(a)  Otherwise would have priority solely under s. 679.322(1) or s. 679.324; or

(b)  Arose solely under s. 672.711(3) or s. 680.508(5).

History.--s. 3, ch. 2001-198.