N.Y. Uniform Commercial Code Law § 12-a-305: Priority

Section 12-A-305. Priority.

(a) Determination of priority. Subject to subsections (b) and (c), the

revised UCC determines the priority of conflicting claims to collateral.

(b) Established priorities. Subject to subsection (c), if the

priorities of claims to collateral were established before the effective

date of the UCC Revision Act, Article 9 as in effect before the

effective date of the UCC Revision Act determines priority.

(c) Determination of certain priorities on adjustment date. On the

adjustment date, to the extent the priorities determined by Article 9 as

amended by the UCC Revision Act modify the priorities established before

the effective date of the UCC Revision Act, the priorities of claims to

Article 12 property and electronic money established before the

effective date of the UCC Revision Act cease to apply.