1. (a) Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:

   1. (1) the debtor acquired the collateral subject to the security interest created by the other person;
   2. (2) the security interest created by the other person was perfected when the debtor acquired the collateral; and
   3. (3) there is no period thereafter when the security interest is unperfected.

2. (b) Subsection (a) subordinates a security interest only if the security interest:

   1. (1) otherwise would have priority solely under IC 26-1-9.1-322 (a) or IC 26-1-9.1-324 ; or
   2. (2) arose solely under IC 26-1-2-711 (3) or IC 26-1-2.1-508 (5).

As added by P.L.57-2000, SEC.45.