| | The rule of subsection (a)(1) [Maine cite subsection (1), | paragraph (a)], affording priority to the first to file or | perfect, applies to security interests that are perfected by any | method, including temporarily (Section 9-312 [Maine cite section | 9-1312]) or upon attachment (Section 9-309 [Maine cite section 9- | 1309]), even though there may be no notice to creditors or | subsequent purchasers and notwithstanding any common-law rule to | the contrary. The form of the claim to priority, i.e., filing or | perfection, may shift from time to time, and the rank will be | based on the first filing or perfection as long as there is no | intervening period without filing or perfection. See Section 9- | 308(c) [Maine cite section 9-1308, subsection (3)]. |
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| | Example 3: On October 1, A acquires a temporarily perfected | (20-day) security interest, unfiled, in a negotiable document in | the debtor's possession under Section 9-312(e) [Maine cite | section 9-1312, subsection (5)]. On October 5, B files and | thereby perfects a security interest that previously had attached | to the same document. On October 10, A files. A has priority, | even after the 20-day period expires, regardless of whether A | knows of B's security interest when A files. A was the first to | perfect and maintained continuous perfection or filing since the | start of the 20-day period. However, the perfection of A's | security interest extends only "to the extent it arises for new | value given." To the extent A's security interest secures | advances made by A beyond the 20-day period, its security | interest would be subordinate to B's, inasmuch as B was the first | to file. |
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| | In general, the rule in subsection (a)(1) [Maine cite | subsection (1), paragraph (a)] does not distinguish among various | advances made by a secured party. The priority of every advance | dates from the earlier of filing or perfection. However, in rare | instances, the priority of an advance dates from the time the | advance is made. See Example 3 and Section 9-323 [Maine cite | section 9-1323]. |
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| | 5. Priority in After-acquired Property. The application of | the priority rules to afteracquired property must be considered | separately for each item of collateral. Priority does not depend | only on time of perfection but may also be based on priority in | filing before perfection. |
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| | Example 4: On February 1, A makes advances to Debtor under a | security agreement covering "all Debtor's machinery, both | existing and after-acquired." A promptly files a financing | statement. On April 1, B takes a security interest in all | Debtor's machinery, existing and after-acquired, to secure an | outstanding loan. The following day, B files a financing | statement. On May 1, Debtor acquires a new machine. When Debtor |
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