2010 New York Code
UCC - Uniform Commercial Code
Article 9 - SECURED TRANSACTIONS
Part 3 - PERFECTION AND PRIORITY
Sub Part 3 - (9-317 - 9-339) PRIORITY
9-331 - Priority of Rights of Purchasers of Instruments, Documents, and Securities under Other Articles; Priority of Interests in Financial Assets and Securit

Section 9--331. Priority   of   Rights  of  Purchasers  of  Instruments,
                    Documents,  and  Securities  under   Other   Articles;
                    Priority of Interests in Financial Assets and Security
                    Entitlements under Article 8.
    (a) Rights  under  Articles 3, 7, and 8 not limited. This article does
  not limit the  rights  of  a  holder  in  due  course  of  a  negotiable
  instrument,  a  holder  to which a negotiable document of title has been
  duly negotiated, or a protected purchaser of a security.  These  holders
  or  purchasers  take priority over an earlier security interest, even if
  perfected, to the extent provided in Articles 3, 7, and 8.
    (b) Protection under Article 8. This article does not limit the rights
  of or impose liability on a person to the  extent  that  the  person  is
  protected against the assertion of a claim under Article 8.
    (c) Filing  not  notice. Filing under this article does not constitute
  notice of a claim or defense to the holders, or purchasers,  or  persons
  described in subsections (a) and (b).
    (d) Section  not applicable to cooperative interests. Subsections (a),
  (b), and (c) do not apply to cooperative interests.