ORS 79A.3250: UCC 9-325. Priority of security interests in transferred collateral.

(1) Except as otherwise provided in subsection (2) of this section, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:

      (a) The debtor acquired the collateral subject to the security interest created by the other person;

      (b) The security interest created by the other person was perfected when the debtor acquired the collateral; and

      (c) There is no period thereafter when the security interest is unperfected.

      (2) Subsection (1) of this section subordinates a security interest only if the security interest:

      (a) Otherwise would have priority solely under ORS 79A.3220 (1) or 79A.3230; or

      (b) Arose solely under ORS 72.7110 (3) or 72A.5080 (5).