Sec. 325. (a) Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (1) the debtor acquired the collateral subject to the security interest created by the other person; (2) the security interest created by the other person was perfected when the debtor acquired the collateral; and (3) there is no period thereafter when the security interest is unperfected. (b) Subsection (a) subordinates a security interest only if the security interest: (1) otherwise would have priority solely under IC 26-1-9.1-322 (a) or IC 26-1-9.1-324 ; or (2) arose solely under IC 26-1-2-711 (3) or IC 26-1-2.1-508 (5).
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