Official Comment

1. Source. Former Section 9-312(5), (6).

2. Scope of This Section. In a variety of situations, two or more people may claim a security interest in the same collateral. This section states general rules of priority among conflicting security interests. As subsection (f) [Maine cite subsection (6)] provides, the general rules in subsections (a) through (e) [Maine cite subsections (1) to (5)] are subject to the rule in subsection (g) [Maine cite subsection (7)] governing perfected agricultural liens and to the other rules in this Part of this Article. Rules that override this section include those applicable to purchase-money security interests (Section 9-324 [Maine cite section 9-1324]) and those qualifying for special priority in particular types of collateral. See, e.g., Section 9-327 [Maine cite section 9-1327] (deposit accounts); Section 9- 328 [Maine cite section 9-1328] (investment property); Section 9- 329 [Maine cite section 9-1329] (letter-of-credit rights); Section 9-330 [Maine cite section 9-1330] (chattel paper and instruments); Section 9-334 [Maine cite section 9-1334] (fixtures). In addition, the general rules of sections (a) through (e) [Maine cite subsections (1) to (5)] are subject to priority rules governing security interests arising under Articles 2, 2A, 4, and 5.

3. General Rules. Subsection (a) [Maine cite subsection (1)] contains three general rules. Subsection (a)(1) [Maine cite subsection (1), paragraph (a)] governs the priority of competing perfected security interests. Subsection (a)(2) [Maine cite subsection (1), paragraph (b)] governs the priority of competing security interests if one is perfected and the other is not. Subsection (a)(3) [Maine cite subsection (1), paragraph (c)] governs the priority of competing unperfected security interests. The rules may be regarded an adaptations of the idea, deeply rooted at common law, of a race of diligence among creditors. The first two rules are based on precedence in the time as of which the competing secured parties either filed their financing statements or obtained perfected security interests. Under subsection (a)(1) [Maine cite subsection (1), paragraph (a)], the first secured party who files or perfects has priority. Under subsection (a)(2) [Maine cite subsection (1), paragraph (b)], which is new, a perfected security interest has priority over an unperfected one. Under subsection (a)(3) [Maine cite subsection (1), paragraph (c)], if both security interests