(1) The lien on forest products and accounts receivable created by ORS 526.740 is valid and shall have priority over all other liens, security interests and encumbrances on the forest products and accounts receivable covered by the lien even though it does not create a lien on the land on which the forest products are growing, except that ad valorem taxes and duly perfected liens, security interests and encumbrances which were perfected prior to the filing of the notice of lien under ORS 526.745 shall have priority over a lien created under ORS 526.740.
(2) Notwithstanding subsection (1) of this section, the lien upon forest products and accounts receivable created by ORS 526.740 shall survive the foreclosure of any land sale contract, mortgage, trust deed or other lien or encumbrance upon or security interest in the forest products or the forestland described in the notice of lien filed under ORS 526.745, and shall remain in full force and effect until released, fully satisfied or foreclosed.