1. (1) Former chapter 9 determines the priority of conflicting claims to collateral if the relative priorities of the parties were fixed before July 1, 2001. In other cases, this chapter determines priority.
2. (2) For purposes of 30-9A-322(1), the priority of a security interest that becomes a perfected security interest under 30-9A-706 dates from the time the applicable requirements for perfection are satisfied. This subsection does not apply to conflicting security interests each of which becomes a perfected security interest under 30-9A-706.

History: En. Sec. 167, Ch. 305, L. 1999.