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Article 29 - Priority: Security Interests in transferred Collateral

A Security Interest created by a Debtor is subordinate to a Security Interest in the same Collateral created by another Person ("the earlier Security Interest.) if:

(A) the Debtor acquired the Collateral subject to the earlier Security Interest;
(B) the earlier Security Interest was perfected when the Debtor acquired the Collateral; and
(C) there has been no period after the Debtor acquired the Collateral when the earlier Security Interest was unperfected.