2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 93 - Perfection and Priority
Section 9338 - Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information

     § 9338.  Priority of security interest or agricultural lien
                perfected by filed financing statement providing
                certain incorrect information.
        If a security interest or agricultural lien is perfected by a
     filed financing statement providing information described in
     section 9516(b)(5) (relating to what constitutes filing;
     effectiveness of filing) which is incorrect at the time the
     financing statement is filed:
            (1)  the security interest or agricultural lien is
        subordinate to a conflicting perfected security interest in
        the collateral to the extent that the holder of the
        conflicting security interest gives value in reasonable
        reliance upon the incorrect information; and
            (2)  a purchaser, other than a secured party, of the
        collateral takes free of the security interest or
        agricultural lien to the extent that, in reasonable reliance
        upon the incorrect information, the purchaser gives value
        and, in the case of tangible chattel paper, tangible
        documents, goods, instruments or a security certificate,
        receives delivery of the collateral.
     (Apr. 16, 2008, P.L.57, No.13, eff. 60 days)

        2008 Amendment.  Act 13 amended par. (2).
        Cross References.  Section 9338 is referred to in section
     9520 of this title.