N.Y. U.C.C. 9-325

Section 9--325. Priority of Security Interests in Transferred\n Collateral.\n (a) Subordination of security interest in transferred collateral.\nExcept as otherwise provided in subsection (b), a security interest\ncreated by a debtor is subordinate to a security interest in the same\ncollateral created by another person if:\n (1) the debtor acquired the collateral subject to the security\n interest created by the other person;\n (2) the security interest created by the other person was\n perfected when the debtor acquired the collateral; and\n (3) there is no period thereafter when the security interest is\n unperfected.\n (b) Limitation of subsection (a) subordination. Subsection (a)\nsubordinates a security interest only if the security interest:\n (1) otherwise would have priority solely under Section 9--322(a)\n or 9--324; or\n (2) arose solely under Section 2--711(3) or 2-A-508(5).\n