9-709. Priority.

(a) This article determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, article 9, as such article existed immediately before July 1, 2001, determines priority.

(b) For purposes of section 9-322(a), the priority of a security interest that becomes enforceable under section 9-203 dates from July 1, 2001, if the security interest is perfected under this article by the filing of a financing statement before July 1, 2001, which would not have been effective to perfect the security interest under article 9, as such article existed immediately before July 1, 2001. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.

Source:Laws 1999, LB 550, § 212; R.S.Supp.,1999, § 9-708; Laws 2000, LB 929, § 49.

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