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Haw. Rev. Stat. § 490:9-325

Priority of security interests in transferred collateral

Known as the Uniform Commercial Code

The act spans §§ 490–490 (641 sections).

L 2000, c 241, pt of §1

(a) Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:

(1) The debtor acquired the collateral subject to the security interest created by the other person;

(2) The security interest created by the other person was perfected when the debtor acquired the collateral; and

(3) There is no period thereafter when the security interest is unperfected.

(b) Subsection (a) subordinates a security interest only if the security interest:

(1) Otherwise would have priority solely under section 490:9-322(a) or 490:9-324; or

(2) Arose solely under section 490:2-711(3) or 490:2A-508(e).

Official source: Hawaii State Legislature. Reproduced from public-domain Hawaii statutes; confirm against the official source for the current text. Not legal advice.