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Ark. Code Ann. § 4-9-317

Interests that take priority over or take free of security interest or agricultural lien

Known as the Uniform Commercial Code

The act spans §§ 4–4 (597 sections).

Applied in 3 court decisions — leading case Southern Bancorp South v. Richmond (In Re Richmond) (2010)

Most recently applied in Mouton v. Toyota Motor Credit Corp. (In re Mouton) (September 2012)

Acts 2001, No. 1439, § 1; 2007, No. 342, § 36; 2013, No. 138, §§ 10, 11.

How often courts cite this section

20042010201210
citing decisions per year

Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.

(1) A security interest or agricultural lien is subordinate to the rights of: a person entitled to priority under § 4-9-322; and

(2) except as otherwise provided in subsection (e), a person that becomes a lien creditor before the earlier of the time: the security interest or agricultural lien is perfected; or

(3) one of the conditions specified in § 4-9-203(b)(3) is met and a financing statement covering the collateral is filed.

(4) Except as otherwise provided in subsection (e), a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.

(5) Except as otherwise provided in subsection (e), a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.

(6) A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.

(7) Except as otherwise provided in §§ 4-9-320 and 4-9-321, if a person files a financing statement with respect to a purchase-money security interest before or within twenty (20) days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee, or lien creditor which arise between the time the security interest attaches and the time of filing.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.