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<section article="gcl" article_name="Commercial Law" number="9-322" title_number="9" title_name="Secured Transactions" subtitle_number="3" subtitle_name="Perfection and Priority">
  <level label="a">
    <text>Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules:</text>
    <level label="1">
      <text>Conflicting perfected security interests and agricultural liens rank according to priority in time of filing or perfection. Priority dates from the earlier of the time a filing covering the collateral is first made or the security interest or agricultural lien is first perfected, if there is no period thereafter when there is neither filing nor perfection.</text>
    </level>
    <level label="2">
      <text>A perfected security interest or agricultural lien has priority over a conflicting unperfected security interest or agricultural lien.</text>
    </level>
    <level label="3">
      <text>The first security interest or agricultural lien to attach or become effective has priority if conflicting security interests and agricultural liens are unperfected.</text>
    </level>
  </level>
  <level label="b">
    <text>For the purposes of subsection (a)(1) of this section:</text>
    <level label="1">
      <text>The time of filing or perfection as to a security interest in collateral is also the time of filing or perfection as to a security interest in proceeds; and</text>
    </level>
    <level label="2">
      <text>The time of filing or perfection as to a security interest in collateral supported by a supporting obligation is also the time of filing or perfection as to a security interest in the supporting obligation.</text>
    </level>
  </level>
  <level label="c">
    <text>Except as otherwise provided in subsection (f), a security interest in collateral which qualifies for priority over a conflicting security interest under § 9-327, § 9-328, § 9-329, § 9-330, or § 9-331 also has priority over a conflicting security interest in:</text>
    <level label="1">
      <text>Any supporting obligation for the collateral; and</text>
    </level>
    <level label="2">
      <text>Proceeds of the collateral if:</text>
      <level label="A">
        <text>The security interest in proceeds is perfected;</text>
      </level>
      <level label="B">
        <text>The proceeds are cash proceeds or of the same type as the collateral; and</text>
      </level>
      <level label="C">
        <text>In the case of proceeds that are proceeds of proceeds, all intervening proceeds are cash proceeds, proceeds of the same type as the collateral, or an account relating to the collateral.</text>
      </level>
    </level>
  </level>
  <level label="d">
    <text>Subject to subsection (e) and except as otherwise provided in subsection (f), if a security interest in chattel paper, deposit accounts, negotiable documents, instruments, investment property, or letter-of-credit rights is perfected by a method other than filing, conflicting perfected security interests in proceeds of the collateral rank according to priority in time of filing.</text>
  </level>
  <level label="e">
    <text>Subsection (d) applies only if the proceeds of the collateral are not cash proceeds, chattel paper, negotiable documents, instruments, investment property, or letter-of-credit rights.</text>
  </level>
  <level label="f">
    <text>Subsections (a) through (e) are subject to:</text>
    <level label="1">
      <text>Subsection (g) and the other provisions of this subtitle;</text>
    </level>
    <level label="2">
      <text>§ 4-210 of this article with respect to a security interest of a collecting bank;</text>
    </level>
    <level label="3">
      <text>§ 5-118 of this article with respect to a security interest of an issuer or nominated person; and</text>
    </level>
    <level label="4">
      <text>§ 9-110 with respect to a security interest arising under Title 2 or Title 2A of this article.</text>
    </level>
  </level>
  <level label="g">
    <text>A perfected agricultural lien on collateral has priority over a conflicting security interest in or agricultural lien on the same collateral if the statute creating the agricultural lien so provides.</text>
  </level>
</section>
