1. Subordination of security interest in transferred collateral. Except as otherwise provided in subsection 2, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:
a. the debtor acquired the collateral subject to the security interest created by the other person;
b. the security interest created by the other person was perfected when the debtor acquired the collateral; and
c. there is no period thereafter when the security interest is unperfected.
2. Limitation of subsection 1 subordination. Subsection 1 subordinates a security interest only if the security interest:
a. otherwise would have priority solely under section 554.9322, subsection 1, or section 554.9324; or
b. arose solely under section 554.2711, subsection 3, or section 554.13508, subsection 5.