On the other hand, this result treated the first secured advance differently from all other advances. The special rule for future advances in former Section 9-301(4) (substantially reproduced in Section 9-323(b) [Maine cite section 9-1323, subsection (2)]) afforded priority to a discretionary advance made by a secured party within 45 days after the lien creditor's rights arose as long as the secured party was "perfected" when the lien creditor's lien arose-i.e., as long as the advance was not the first one and an earlier advance had been made.

Subsection (a)(2) [Maine cite subsection (1), paragraph (b)] revises former Section 9-301(1)(b) and treats the first advance the same as subsequent advances. That is, a judicial lien that arises after a financing statement is filed and before the security interest attaches and becomes perfected is subordinate to all advances secured by the security interest, even the first advance, except as otherwise provided in Section 9-323(b) [Maine cite section 9-1323, subsection (2)]. However, if the security interest becomes unperfected (e.g., because the effectiveness of the filed financing statement lapses) before the judicial lien arises, the security interest is subordinate. If a financing statement is filed but a security interest does not attach, then no priority contest arises. The lien creditor has the only claim to the property.

5. Security Interest of Consignor or Receivables Buyer vs. Lien Creditor. Section 1-201(37) defines "security interest" to include the interest of most true consignors of goods and the interest of most buyers of certain receivables (accounts, chattel paper, payment intangibles, and promissory notes). A consignee of goods or a seller of accounts or chattel paper each is deemed to have rights in the collateral which a lien creditor may reach, as long as the competing security interest of the consignor or buyer is unperfected. This is so even though, as between the consignor and the debtor-consignee, the latter has only limited rights, and, as between the buyer and debtor-seller, the latter does not have any rights in the collateral. See Sections 9-318 [Maine cite section 9-1318] (seller), 9-319 [Maine cite section 9-1319] (consignee). Security interests arising from sales of payment intangibles and promissory notes are automatically perfected. See Section 9-309 [Maine cite section 9-1309]. Accordingly, a subsequent judicial lien always would be subordinate to the rights of a buyer of those types of receivables.