| | | non-advances (expenses, interest, etc.), it was junior to the | | lien creditor's interest. Under Section 9-317(a)(2) [Maine cite | | section 9-1317, subsection (1), paragraph (b)], a perfected | | security interest is senior to the rights of a subsequent lien | | creditor. Subsection (b) [Maine cite subsection (2)] of this | | section eliminates the erroneous implication of former law by | | providing that a perfected security interest is subordinate only | | to the extent that the specified circumstances occur. |
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| | | As under former Section 9-301(4), a secured party's knowledge | | does not cut short the 45-day period during which future advances | | can achieve priority over an intervening lien creditor's | | interest. Rather, because of the impact of the rule in | | subsection (b) [Maine cite subsection (2)] on the question | | whether the security interest for future advances is "protected" | | under Section 6323(c)(2) and (d) of the Internal Revenue Code as | | amended by the Federal Tax Lien Act of 1966, the priority of the | | security interest for future advances over a lien creditor is | | made absolute for 45 days regardless of knowledge of the secured | | party concerning the lien. If, however, the advance is made | | after the 45 days, the advance will not have priority unless it | | was made or committed without knowledge of the lien. |
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| | | 5. Sales of Receivables; Consignments. Subsections (a) and | | (b) [Maine cite subsections (1) and (2)] do not apply to outright | | sales of accounts, chattel paper, payment intangibles, or | | promissory notes, nor do they apply to consignments. |
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| | | 6. Competing Buyers and Lessees. Under subsections (d) and | | (e) [Maine cite subsections (4) and (5)], a buyer will not take | | subject to a security interest to the extent it secures advances | | made after the secured party has knowledge that the buyer has | | purchased the collateral or more than 45 days after the purchase | | unless the advances were made pursuant to a commitment entered | | into before the expiration of the 45-day period and without | | knowledge of the purchase. Subsections (f) and (g) [Maine cite | | subsection (6) and (7)] provide an analogous rule for lessees. | | Of course, a buyer in ordinary course who takes free of the | | security interest under Section 9-320 [Maine cite section 9-1320] | | and a lessee in ordinary course who takes free under Section 9- | | 321 [Maine cite section 9-1321] are not subject to any future | | advances. Subsections (d) and (e) [Maine cite subsections (4) | | and (5)] replace former Section 9-307(3), and subsections (f) and | | (g) [Maine cite subsections (6) and (7)] replace former Section | | 2A307(4). No change in meaning is intended. |
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| | | §9-1324.__Priority of purchase-money security interests |
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| | | (1)__Except as otherwise provided in subsection (7), a | | perfected purchase-money security interest in goods other than |
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