Section 9--709. Priority.

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

(b) Priority if security interest becomes enforceable under Section
9--203. For purposes of Section 9--322(a), the priority of a security
interest that becomes enforceable under Section 9--203 of Revised
Article 9 dates from the time Revised Article 9 takes effect if the
security interest is perfected under Revised Article 9 by the filing of
a financing statement before Revised Article 9 takes effect which would
not have been effective to perfect the security interest under Former
Article 9. This subsection does not apply to conflicting security
interests each of which is perfected by the filing of such a financing
statement.