§ 336.2A-307 — Priority of Liens Arising by Attachment or Levy on, Security Interests in, and Other Claims to Goods
Plain-Language Summary
A creditor of the lessor can treat goods subject to a lease as belonging to the lessor if the goods are in the lessor's possession. A lessee's rights generally take priority over the lessor's creditors if the lease was entered into before the creditor's lien attached.
336.2A-307 PRIORITY OF LIENS ARISING BY ATTACHMENT OR LEVY ON, SECURITY INTERESTS IN, AND OTHER CLAIMS TO GOODS.
(1) Except as otherwise provided in section 336.2A-306, a creditor of a lessee takes subject to the lease contract.
(2) Except as otherwise provided in subsection (3) and in sections 336.2A-306 and 336.2A-308, a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable.
(3) Except as otherwise provided in sections 336.9-317, 336.9-321, and 336.9-323, a lessee takes a leasehold interest subject to a security interest held by a creditor of the lessor.
History:
1989 c 232 art 1 s 2A-307; 1991 c 171 art 1 s 5; 2000 c 399 art 2 s 10
History: History: 1989 c 232 art 1 s 2A-307; 1991 c 171 art 1 s 5; 2000 c 399 art 2 s 10