N.Y. U.C.C. 9-331

Section 9--331. Priority of Rights of Purchasers of Instruments,\n Documents, and Securities under Other Articles;\n Priority of Interests in Financial Assets and Security\n Entitlements under Article 8.\n (a) Rights under Articles 3, 7, and 8 not limited. This article does\nnot limit the rights of a holder in due course of a negotiable\ninstrument, a holder to which a negotiable document of title has been\nduly negotiated, or a protected purchaser of a security. These holders\nor purchasers take priority over an earlier security interest, even if\nperfected, to the extent provided in Articles 3, 7, and 8.\n (b) Protection under Article 8. This article does not limit the rights\nof or impose liability on a person to the extent that the person is\nprotected against the assertion of a claim under Article 8.\n (c) Filing not notice. Filing under this article does not constitute\nnotice of a claim or defense to the holders, or purchasers, or persons\ndescribed in subsections (a) and (b).\n (d) Section not applicable to cooperative interests. Subsections (a),\n(b), and (c) do not apply to cooperative interests.\n