Example 4: In 1999, SP1 obtains a security interest in a right to payment for lottery winnings (a "general intangible" as defined in former Article 9 but an "account" as defined in this Article). SP1's security interest is unperfected because its filed financing statement covers only "accounts." In 2000, D creates a security interest in the same right to payment in favor of SP2, who files a financing statement covering "accounts and general intangibles." Before this Article takes effect on July 1, 2001, SP2's perfected security interest has priority over SP1's unperfected security interest under former 9-312(5). Because the relative priorities of the security interests were established before the effective date of this Article, former Article 9 continues to govern priority after this Article takes effect. Thus, SP-2's priority is not adversely affected by this Article's having taken effect.

Note that were this Article to govern priority, SP2 would become subordinated to SP-1 under Section 9-322(a)(1) [Maine cite section 9-1322, subsection (1), paragraph (a)], even though nothing changes other than this Article's having taken effect. Under Section 9-704 [Maine cite section 9-1704], SP-1's security interest would become perfected; the financing statement covering "accounts" adequately covers the lottery winnings and complies with the other perfection requirements of this Article, e.g., it is filed in the proper office.

Example 5: In 1999, SP1 obtains a security interest in a right to payment for lottery winnings-a "general intangible" (as defined under former Article 9). SP1's security interest is unperfected because its filed financing statement covers only "accounts." In 2000, D creates a security interest in the same right to payment in favor of SP2, who makes the same mistake and also files a financing statement covering only "accounts." Before this Article takes effect on July 1, 2001, SP1's unperfected security interest has priority over SP2's unperfected security interest, because SP-1's security interest was the first to attach. See former Section 9-312(5)(b). Because the relative priorities of the security interests were established before the effective date of this Article, former Article 9 continues to govern priority after this Article takes effect. Although Section 9704 [Maine cite section 9-1704] makes both security interests perfected for purposes of this Article, both are unperfected under former Article 9, which determines their relative priorities.