(2) Subject to Subsection (3) and except as otherwise provided in Subsection (7), a perfected purchase-money security interest in inventory has priority over a conflicting security interest in the same inventory, has priority over a conflicting security interest in chattel paper or an instrument constituting proceeds of the inventory and in proceeds of the chattel paper, if so provided in Section 70A-9a-330, and, except as otherwise provided in Section 70A-9a-327, also has priority in identifiable cash proceeds of the inventory to the extent the identifiable cash proceeds are received on or before the delivery of the inventory to a buyer, if:

1. (a) the purchase-money security interest is perfected when the debtor receives possession of the inventory;
2. (b) the purchase-money secured party sends an authenticated notification to the holder of the conflicting security interest;
3. (c) the holder of the conflicting security interest receives the notification within five years before the debtor receives possession of the inventory; and
4. (d) the notification states that the person sending the notification has or expects to acquire a purchase-money security interest in inventory of the debtor and describes the inventory.

(3) Subsections (2)(b) through (d) apply only if the holder of the conflicting security interest had filed a financing statement covering the same types of inventory:

1. (a) if the purchase-money security interest is perfected by filing, before the date of the filing; or
2. (b) if the purchase-money security interest is temporarily perfected without filing or possession under Subsection 70A-9a-312(6), before the beginning of the 20-day period thereunder.

(4) Subject to Subsection (5) and except as otherwise provided in Subsection (7), a perfected purchase-money security interest in livestock that are farm products has priority over a conflicting security interest in the same livestock, and, except as otherwise provided in Section 70A-9a-327, a perfected security interest in their identifiable proceeds and identifiable products in their unmanufactured states also has priority, if:

1. (a) the purchase-money security interest is perfected when the debtor receives possession of the livestock;
2. (b) the purchase-money secured party sends an authenticated notification to the holder of the conflicting security interest;
3. (c) the holder of the conflicting security interest receives the notification within six months before the debtor receives possession of the livestock; and
4. (d) the notification states that the person sending the notification has or expects to acquire a purchase-money security interest in livestock of the debtor and describes the livestock.

(5) Subsections (4)(b) through (d) apply only if the holder of the conflicting security interest had filed a financing statement covering the same types of livestock:

1. (a) if the purchase-money security interest is perfected by filing, before the date of the filing; or
2. (b) if the purchase-money security interest is temporarily perfected without filing or possession under Subsection 70A-9a-312(6), before the beginning of the 20-day period thereunder.

(7) If more than one security interest qualifies for priority in the same collateral under Subsection (1), (2), (4), or (6):

1. (a) a security interest securing an obligation incurred as all or part of the price of the collateral has priority over a security interest securing an obligation incurred for value given to enable the debtor to acquire rights in or the use of collateral; and
2. (b) in all other cases, Subsection 70A-9a-322(1) applies to the qualifying security interests.