Insofar as creditors of the consignee are concerned, this Article to a considerable extent reformulates the former law, which appeared in former Sections 2-326 and 9-114, without changing the results. However, neither Article 2 nor former Article 9 specifically addresses the rights of non-ordinary course buyers from the consignee. Former Section 9-114 contained priority rules applicable to security interests in consigned goods. Under this Article, the priority rules for purchase-money security interests in inventory apply to consignments. See Section 9-103(d) [Maine cite section 9-1103, subsection (4)]. Accordingly, a special section containing priority rules for consignments no longer is needed. Section 9-317 [Maine cite section 9-1317] determines whether the rights of a judicial lien creditor are senior to the interest of the consignor, Sections 9- 322 and 9-324 [Maine cite sections 9-1322 and 9-1324] govern competing security interests in consigned goods, and Sections 9- 317, 9-315, and 9-320 [Maine cite sections 9-1317, 9-1315 and 9- 1320] determine whether a buyer takes free of the consignor's interest.

The following example explains the operation of this section:

Example 1: SP1 delivers goods to Debtor in a transaction constituting a "consignment" as defined in Section 9-102 [Maine cite section 9-1102]. SP1 does not file a financing statement. Debtor then grants a security interest in the goods to SP2. SP2 files a proper financing statement. Assuming Debtor is a mere bailee, as in a "true" consignment, Debtor would not have any rights in the collateral (beyond those of a bailee) so as to permit SP2's security interest to attach to any greater rights. Nevertheless, under this section, for purposes of determining the rights of Debtor's creditors, Debtor is deemed to acquire SP-1's rights. Accordingly, SP2's security interest attaches, is perfected by the filing, and, under Section 9-322 [Maine cite section 9-1322], is senior to SP1's interest.