1. (a) In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien:

   1. (1) which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business;
   2. (2) which is created by statute or rule of law in favor of the person; and
   3. (3) whose effectiveness depends on the person's possession of the goods.
2. (b) A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.

HISTORY: 2001 Act No. 67, SECTION 12.