New York Laws
Sub Part 3 - Priority
9-331 - Priority of Rights of Purchasers of Instruments, Documents, and Securities Under Other Articles; Priority of Interests in Financial Assets and Securit

(a) Rights under Articles 3, 7, and 8 not limited. This article does
not limit the rights of a holder in due course of a negotiable
instrument, a holder to which a negotiable document of title has been
duly negotiated, or a protected purchaser of a security. These holders
or purchasers take priority over an earlier security interest, even if
perfected, to the extent provided in Articles 3, 7, and 8.
(b) Protection under Article 8. This article does not limit the rights
of or impose liability on a person to the extent that the person is
protected against the assertion of a claim under Article 8.
(c) Filing not notice. Filing under this article does not constitute
notice of a claim or defense to the holders, or purchasers, or persons
described in subsections (a) and (b).
(d) Section not applicable to cooperative interests. Subsections (a),
(b), and (c) do not apply to cooperative interests.

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