(2)

1. (a) Subject to Subsection (2)(b), a construction lien has priority over:

   1. (i) any lien, mortgage, or other encumbrance that attaches after the first preliminary notice filing; and
   2. (ii) any lien, mortgage, or other encumbrance of which the claimant had no notice and which was unrecorded at the time of the first preliminary notice filing.

2. (b) A recorded mortgage or trust deed of a construction lender has priority over a construction lien of a claimant who files a preliminary notice in accordance with Section 38-1a-501 before the mortgage or trust deed is recorded if the claimant:

   1. (i) accepts payment in full for construction work that the claimant provides to the construction project before the mortgage or trust deed is recorded; and
   2. (ii) withdraws the claimant's preliminary notice by filing a notice of withdrawal under Subsection 38-1a-501(5).