2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 93 - Perfection and Priority
Section 9322 - Priorities among conflicting security interests in and agricultural liens on same collateral

     § 9322.  Priorities among conflicting security interests in and
                agricultural liens on same collateral.
        (a)  General priority rules.--Except as otherwise provided in
     this section, priority among conflicting security interests and
     agricultural liens in the same collateral is determined
     according to the following rules:
            (1)  Conflicting perfected security interests and
        agricultural liens rank according to priority in time of
        filing or perfection. Priority dates from the earlier of the
        time a filing covering the collateral is first made or the
        security interest or agricultural lien is first perfected, if
        there is no period thereafter when there is neither filing
        nor perfection.
            (2)  A perfected security interest or agricultural lien
        has priority over a conflicting unperfected security interest
        or agricultural lien.
            (3)  The first security interest or agricultural lien to
        attach or become effective has priority if conflicting
        security interests and agricultural liens are unperfected.
        (b)  Time of perfection: proceeds and supporting
     obligations.--For the purposes of subsection (a)(1):
            (1)  the time of filing or perfection as to a security
        interest in collateral is also the time of filing or
        perfection as to a security interest in proceeds; and
            (2)  the time of filing or perfection as to a security
        interest in collateral supported by a supporting obligation
        is also the time of filing or perfection as to a security
        interest in the supporting obligation.
        (c)  Special priority rules: proceeds and supporting
     obligations.--Except as otherwise provided in subsection (f), a
     security interest in collateral which qualifies for priority
     over a conflicting security interest under section 9327
     (relating to priority of security interests in deposit account),
     9328 (relating to priority of security interests in investment
     property), 9329 (relating to priority of security interests in
     letter-of-credit right), 9330 (relating to priority of purchaser
     of chattel paper or instrument) or 9331 (relating to priority of
     rights of purchasers of instruments, documents and securities
     under other divisions; priority of interests in financial assets
     and security entitlements under Division 8) also has priority
     over a conflicting security interest in all of the following:
            (1)  Any supporting obligation for the collateral.
            (2)  Proceeds of the collateral if:
                (i)  the security interest in proceeds is perfected;
                (ii)  the proceeds are cash proceeds or of the same
            type as the collateral; and
                (iii)  in the case of proceeds which are proceeds of
            proceeds, all intervening proceeds are:
                    (A)  cash proceeds;
                    (B)  proceeds of the same type as the collateral;
                or
                    (C)  an account relating to the collateral.
        (d)  First-to-file priority rule for certain collateral.--
     Subject to subsection (e) and except as otherwise provided in
     subsection (f), if a security interest in chattel paper, deposit
     accounts, negotiable documents, instruments, investment property
     or letter-of-credit rights is perfected by a method other than
     filing, conflicting perfected security interests in proceeds of
     the collateral rank according to priority in time of filing.
        (e)  Applicability of subsection (d).--Subsection (d) applies
     only if the proceeds of the collateral are not cash proceeds,
     chattel paper, negotiable documents, instruments, investment
     property or letter-of-credit rights.
        (f)  Limitations on subsections (a) through (e).--Subsections
     (a) through (e) are subject to:
            (1)  subsection (g) and the other provisions of this
        chapter;
            (2)  section 4210 (relating to security interest of
        collecting bank in items, accompanying documents and
        proceeds);
            (3)  section 5118 (relating to security interest of
        issuer or nominated person); and
            (4)  section 9110 (relating to security interests arising
        under Division 2 or 2A).
        (g)  Priority under agricultural lien statute.--A perfected
     agricultural lien on collateral has priority over a conflicting
     security interest in or agricultural lien on the same collateral
     if the statute creating the agricultural lien so provides.

        Cross References.  Section 9322 is referred to in sections
     9109, 9317, 9323, 9324, 9325, 9328, 9330, 9709 of this title.