9A V.S.A. § 9—325: Priority of security interests in transferred collateral

(a) Except as otherwise provided in subsection (b) 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:

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

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

(3) there is no period thereafter when the security interest is unperfected.

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

(1) otherwise would have priority solely under subsection 9—322(a) or section 9—324 of this title; or

(2) arose solely under subsection 2—711(3) or 2A—508(5) of this title.