14-9-301. PERSONS WHO TAKE PRIORITY OVER UNPERFECTED SECURITY INTERESTS; RIGHTS OF THE LIEN CREDITOR.

1. Except as otherwise provided in subsection (2), an unperfected security interest is subordinate to the rights of
   1. A person entitled to priority under Section 312;
   2. A person who becomes a lien creditor before the security interest is perfected;
   3. In the case of goods, instruments, documents, and chattel paper, a person who is not a secured party and who is a transferee in bulk or other buyer not in ordinary course of business, or is a buyer of farm products in ordinary course of business to the extent that he gives value and receives delivery of the collateral without knowledge of the security interest and before it is perfected;
   4. In the case of accounts and general intangibles, a person who is not a secured party and who is a transferee to the extent that he gives value without knowledge of the security interest and before it is perfected.
2. If the secured party files with respect to a purchase money security interest before or within 20 days after the debtor receives possession of the collateral, he takes priority over the rights of a transferee in bulk or of a lien creditor which arises between the time the security interest attaches and the time of filing.
3. A “lien creditor” means a creditor who was acquired a lien on the property involved by attachment, levy or the like and includes an assignee for the benefit of creditors from the time of assignment, and a trustee in bankruptcy from the date of the filing of the petition or a receiver in equity from the time of appointment.
4. A person who becomes a lien creditor while a security interest is perfected takes subject to the security interest only to the extent that it secured advances made before the becomes a lien creditor or within 45 days thereafter, or made without knowledge of the lien, or pursuant to a commitment entered without knowledge of the lien.