1. (1) Except as otherwise provided in subsection (2) of this section, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:

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

2. (2) Subsection (1) of this section subordinates a security interest only if the security interest:

   1. (a) Otherwise would have priority solely under ORS 79A.3220 (1) or 79A.3230; or
   2. (b) Arose solely under ORS 72.7110 (3) or 72A.5080 (5).

[Formerly 79.0325]