554.9325  Priority of security interests in transferred collateral.
  1.  Subordination of security interest in transferred collateral.  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 when the security interest is unperfected.
  2.  Limitation of subsection 1 subordination.  Subsection 1 subordinates a security interest only if the security interest:
  a.  otherwise would have priority solely under section 554.9322, subsection 1, or section 554.9324; or
  b.  arose solely under section 554.2711, subsection 3, or section 554.13508, subsection 5.
2000 Acts, ch 1149, §45, 187