(a) A security interest or agricultural lien is subordinate to the rights of:
(1) a person entitled to priority under § 4-9-322; 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 § 4-9-203(b)(3) is met and a financing statement covering the collateral is filed.
(b) 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) 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) A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments, or 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) Except as otherwise provided in §§ 4-9-320 and 4-9-321, if a person files a financing statement with respect to a purchase-money security interest before or within twenty (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.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code
Chapter 9 - Secured Transactions
Part 3 - Perfection and Priority
§ 4-9-317. Interests that take priority over or take free of security interest or agricultural lien
§ 4-9-319. Rights and title of consignee with respect to creditors and purchasers
§ 4-9-321. Licensee of general intangible and lessee of goods in ordinary course of business
§ 4-9-324. Priority of purchase-money security interests
§ 4-9-325. Priority of security interests in transferred collateral
§ 4-9-326. Priority of security interests created by new debtor
§ 4-9-327. Priority of security interests in deposit account
§ 4-9-328. Priority of security interests in investment property
§ 4-9-329. Priority of security interests in letter-of-credit right
§ 4-9-330. Priority of purchaser of chattel paper or instrument
§ 4-9-332. Transfer of money — Transfer of funds from deposit account
§ 4-9-333. Priority of certain liens arising by operation of law
§ 4-9-334. Priority of security interests in fixtures and crops
§ 4-9-337. Priority of security interests in goods covered by certificate of title