9A V.S.A. § 9—326: Priority of security interests created by new debtor

(a) Subject to subsection (b) of this section, a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be ineffective to perfect the security interest but for the application of subdivision 9—316(i)(1) or section 9—508 of this title is subordinate to a security interest in the same collateral which is perfected by another method.

(b) If more than one security interest in the same collateral is subordinate under subsection (a) of this section, the other provisions of this part determine the priority among the subordinated security interests.