Article 32 - Priority: Purchaser of negotiable instrument

A purchaser of a negotiable Instrument has priority over any perfected or unperfected Security Interest in the Instrument if the purchaser:

(A) acquired the Instrument for value; and
(B) took possession of the Instrument,
unless—
(C) in the case of a purchaser who acquired the Instrument in the ordinary course of that person's business of acquiring Instruments of that kind, the purchaser had actual or constructive knowledge that the acquisition constituted a breach of the Security Agreement that provides for the Security Interest; or
(D) in the case of any other purchaser, the purchaser had actual or constructive knowledge of the Security Interest.