N.Y. U.C.C. 9-326

Section 9--326. Priority of Security Interests Created by New Debtor.\n (a) Subordination of security interest created by new debtor. Subject\nto subsection (b), a security interest that is created by a new debtor\nin collateral in which the new debtor has or acquires rights and is\nperfected solely by a filed financing statement that would be\nineffective to perfect the security interest but for the application of\nSection 9--316(i)(1) or 9--508 is subordinate to a security interest in\nthe same collateral which is perfected other than by such a filed\nfinancing statement.\n (b) Priority under other provisions; multiple original debtors. The\nother provisions of this part determine the priority among conflicting\nsecurity interests in the same collateral perfected by filed financing\nstatements described in subsection (a). However, if the security\nagreements to which a new debtor became bound as debtor were not entered\ninto by the same original debtor, the conflicting security interests\nrank according to priority in time of the new debtor's having become\nbound.\n