Section 9--317. Interests That Take Priority over or Take Free of

Security Interest or Agricultural Lien.

(a) Conflicting security interests and rights of lien creditors. A
security interest or agricultural lien is subordinate to the rights of:

(1) a person entitled to priority under Section 9--322; and

(2) except as otherwise provided in subsection (e), a person that

becomes a lien creditor before the earlier of the time:

(A) the security interest or agricultural lien is perfected;

or

(B) one of the conditions specified in Section 9--203(b)(3)

is met and a financing statement covering the collateral

is filed.

(b) Buyers that receive delivery. Except as otherwise provided in
subsection (e), a buyer, other than a secured party, of tangible chattel
paper, tangible documents, goods, instruments, or a certificated
security takes free of a security interest or agricultural lien if the
buyer gives value and receives delivery of the collateral without
knowledge of the security interest or agricultural lien and before it is
perfected.

(c) Lessees that receive delivery. Except as otherwise provided in
subsection (e), a lessee of goods takes free of a security interest or
agricultural lien if the lessee gives value and receives delivery of the
collateral without knowledge of the security interest or agricultural
lien and before it is perfected.

(d) Licensees and buyers of certain collateral. A licensee of a
general intangible or a buyer, other than a secured party, of accounts,
electronic chattel paper, electronic documents, general intangibles, or
investment property other than a certificated security takes free of a
security interest if the licensee or buyer gives value without knowledge
of the security interest and before it is perfected.

(e) Purchase-money security interest. Except as otherwise provided in
Sections 9--320 and 9--321, if a person files a financing statement with
respect to a purchase-money security interest before or within 20 days
after the debtor receives delivery of the collateral, the security
interest takes priority over the rights of a buyer, lessee, or lien
creditor which arise between the time the security interest attaches and
the time of filing. The preceding sentence does not apply to cooperative
interests.