LD 2245
pg. 210
Page 209 of 493 An Act to Adopt the Model Revised Article 9 Secured Transactions Page 211 of 493
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LR 1087
Item 1

 
conflicting security interest in the same livestock, and, except
as otherwise provided in section 9-1327, a perfected security
interest in their identifiable proceeds and identifiable products
in their unmanufactured states also has priority, if:

 
(a)__The purchase-money security interest is perfected when
the debtor receives possession of the livestock;

 
(b)__The purchase-money secured party sends an authenticated
notification to the holder of the conflicting security
interest;

 
(c)__The holder of the conflicting security interest
receives the notification within 6 months before the debtor
receives possession of the livestock; and

 
(d)__The notification states that the person sending the
notification has or expects to acquire a purchase-money
security interest in livestock of the debtor and describes
the livestock.

 
(5)__Subsection (4), paragraphs (b) to (d) apply only if the
holder of the conflicting security interest had filed a financing
statement covering the same types of livestock:

 
(a)__If the purchase-money security interest is perfected by
filing, before the date of the filing; or

 
(b)__If the purchase-money security interest is temporarily
perfected without filing or possession under section 9-1312,
subsection (6), before the beginning of the 20-day period
thereunder.

 
(6)__Except as otherwise provided in subsection (7), a
perfected purchase-money security interest in software has
priority over a conflicting security interest in the same
collateral, and, except as otherwise provided in section 9-1327,
a perfected security interest in its identifiable proceeds also
has priority, to the extent that the purchase-money security
interest in the goods in which the software was acquired for use
has priority in the goods and proceeds of the goods under this
section.

 
(7)__If more than one security interest qualifies for priority
in the same collateral under subsection (1), (2), (4) or (6):

 
(a)__A security interest securing an obligation incurred as
all or part of the price of the collateral has priority over
a security interest securing an obligation incurred for


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