Section 9709 - Priority

13 PA Cons Stat § 9709 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

§ 9709. Priority.

(a) Law governing priority.--Revised Division 9 determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before Revised Division 9 takes effect, Former Division 9 determines priority.

(b) Priority if security interest becomes enforceable under section 9203 of Revised Division 9.--For purposes of section 9322(a) of Revised Division 9 (relating to general priority rules), the priority of a security interest which becomes enforceable under section 9203 of Revised Division 9 (relating to attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites) dates from the time Revised Division 9 takes effect if the security interest is perfected under Revised Division 9 by the filing of a financing statement before Revised Division 9 takes effect which financing statement would not have been effective to perfect the security interest under Former Division 9. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.

Cross References. Section 9709 is referred to in section 9702 of this title.

Previous Section

Section 9708 - Persons entitled to file initial financing statement or continuation statement

Next Section

Section 9710 - Operations of prothonotaries' offices after effective date