| 9. Priority in Fixtures: Judicial Liens. Subsection (e)(3) |
[Maine cite subsection (5), paragraph (c)], which follows former |
Section 9-313(4)(d), adopts a first-in-time rule applicable to |
conflicts between a fixture security interest and a lien on the |
real property obtained by legal or equitable proceedings. Such a |
lien is subordinate to an earlier-perfected security interest, |
regardless of the method by which the security interest was |
perfected. Judgment creditors generally are not reliance |
creditors who search real-property records. Accordingly, a |
perfected fixture security interest takes priority over a |
subsequent judgment lien or other lien obtained by legal or |
equitable proceedings, even if no evidence of the security |
interest appears in the relevant real-property records. |
Subsection (e)(3) [Maine cite subsection (5), paragraph (c)] thus |
protects a perfected fixture security interest from avoidance by |
a trustee in bankruptcy under Bankruptcy Code Section 544(a), |
regardless of the method of perfection. |