Section 9--322. Priorities among Conflicting Security Interests in and Agricultural Liens on Same Collateral

(a) General priority rules.  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:
         (1) 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.
         (2) A  perfected  security  interest  or  agricultural  lien  has
             priority  over a conflicting unperfected security interest or
             agricultural lien.
         (3) The first security interest or agricultural lien to attach or
             become  effective  has  priority  if   conflicting   security
             interests and agricultural liens are unperfected.
    (b) Time  of  perfection: proceeds and supporting obligations. For the
  purposes of subsection (a)(1):
         (1) 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
         (2) 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.
    (c) Special  priority  rules:  proceeds  and  supporting  obligations.
  Except  as  otherwise provided in subsection (f), a security interest in
  collateral which qualifies for  priority  over  a  conflicting  security
  interest  under  Section  9--327, 9--328, 9--329, 9--330, or 9--331 also
  has priority over a conflicting security interest in:
         (1) any supporting obligation for the collateral; and
         (2) proceeds of the collateral if:
             (A) the security interest in proceeds is perfected;
             (B) the proceeds are cash proceeds or of the same type as the
                 collateral; and
             (C) 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.
    (d) First-to-file  priority  rule  for  certain collateral. 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.
    (e) Applicability  of  subsection  (d). 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.
    (f) Limitations  on  subsections  (a)  through  (e).  Subsections  (a)
  through (e) are subject to:
         (1) subsection (g) and the other provisions of this part;
         (2) Section  4--210  with  respect  to  a  security interest of a
             collecting bank;

         (3) Section 5--118 with respect to  a  security  interest  of  an
             issuer or nominated person; and
         (4) Section  9--110  with  respect to a security interest arising
             under Article 2 or 2-A.
    (g) Priority under agricultural lien statute. 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.
    (h) Special priority rules: cooperative interests.
         (1) With  respect  to  all   amounts   secured,   a   cooperative
             organization  security  interest  has priority over all other
             security interests in a cooperative interest.
         (2) As to security interests in cooperative interests other  than
             cooperative    organization   security   interests,   Section              9--323(h) provides special rules for future advances.