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Ponca Tribe of Nebraska Tribal Code

Title XIII. Secured Transactions Act
Chapter 3. Perfection and Priority

Section 13-3-1. Law Governing Perfection and Priority of Security Interests

Section 13-3-2. Law Governing Perfection And Priority Of Security Interests In Goods Covered By A Certificate Of Title

Section 13-3-3. When Security Interest Is Perfected; Continuity Of Perfection

Section 13-3-8. Security Interest Perfected Upon Attachment

Section 13-3-9. When Filing Required To Perfect Security Interest; Security Interests To Which Filing Provisions Do Not Apply

Section 13-3-10. Perfection Of Security Interests In Property Subject To Certain Statutes, Regulations, And Treaties

Section 13-3-11. Perfection Of Security Interests In Chattel Paper, Documents, Goods Covered By Documents, Instruments, And Money; Perfection By Permissive Filing; Temporary Perfection Without Filing Or Transfer Of Possession

Section 13-3-12. When Possession By Secured Party Perfects Security Interest Without Filing

Section 13-3-13. Perfection By Control

Section 13-3-14. Secured Party’s Rights On Disposition Of Collateral And In Proceeds

Section 13-3-15. Continued Perfection Of Security Interest Following Change In Governing Law

Section 13-3-16. Interests That Take Priority Over Security Interest

Section 13-3-17. Particular Priority Rules

Section 13-3-18. Priority Of Security Interests In Fixtures And Crops

Section 13-3-19. Accessions

Section 13-3-20. Commingled Goods

Section 13-3-21. Priority Of Security Interests In Goods Covered By Certificate Of Title

Section 13-3-22. Priority Subject To Subordination

PTN Code § 13-3-1
Section 13-3-1. Law Governing Perfection and Priority of Security Interests

Except as otherwise provided with respect to goods covered by a certificate of title, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:

(1) Except as otherwise provided in this section, the local law of this Ponca Tribe of Nebraska governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral

(A) if the security interest is created pursuant to this Act;

(B) from the time that the debtor becomes subject to the jurisdiction of this Ponca Tribe of Nebraska; or

(C) from the time that the collateral is transferred to a person that thereby becomes a debtor and is subject to the jurisdiction of this Ponca Tribe of Nebraska.

(2) Except as provided in paragraph (3), while goods are located in a jurisdiction, the local law of that jurisdiction governs

(A) perfection of a security interest in the goods by filing a fixture filing; and

(B) perfection of a security interest in timber to be cut.

(3) The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.

(4) This section does not determine the law governing matters not expressly referred to herein, including attachment, validity, characterization, and enforcement.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-1, PTN Code § 13-3-1



PTN Code § 13-3-2
Section 13-3-2. Law Governing Perfection and Priority of Security Interests in Goods Covered By a Certificate of Title

(a) This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor.

(b) Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction.

(c) The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title.

SUBPART 2. PERFECTION

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-2, PTN Code § 13-3-2




PTN Code § 13-3-3
Section 13-3-3. When Security Interest is Perfected; Continuity of Perfection

(a) Except as otherwise provided in this section and the next section dealing with security interests perfected upon attachment, a security interest is perfected if it has attached and all of the applicable requirements for perfection set forth in this Act have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.

(b) A security interest is perfected continuously if it is originally perfected by one method under this Act and is later perfected by another method under this Act, without an intermediate period when it was unperfected.

(c) Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.

(d) Perfection of a security interest in an investment account also perfects a security interest in any securities or commodity contracts credited to the investment account.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-3, PTN Code § 13-3-3




PTN Code § 13-3-8
Section 13-3-8. Security Interest Perfected Upon Attachment

The following security interests are perfected when they attach:

(1) a purchase-money security interest in consumer goods, except as otherwise provided in Section 13-311(b) regarding goods subject to certain statutes, regulations or treaties;

(2) a security interest created by an assignment of accounts which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts;

(3) a sale of a payment intangible or a promissory note;

(4) a security interest created by an assignment of a health-care-insurance receivable to the provider of the health-care goods or services;

(5) a security interest created by an assignment of a beneficial interest in a decedent's estate; and

(6) a security interest created by an assignment by an individual of an account that is a right to payment of winnings in a lottery or other game of chance.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-8, PTN Code § 13-3-8




PTN Code § 13-3-9
Section 13-3-9. When Filing Required to Perfect Security Interest; Security Interests to Which Filing Provisions Do Not Apply

(a) Except as otherwise provided in subsection (b) and the section of this Act dealing with perfection of a security interest in money, a financing statement must be filed to perfect all security interests.

(b) The filing of a financing statement is not necessary to perfect a security interest:

(1) that is perfected under Section 13-308(c), dealing with liens securing rights to payment;

(2) that is perfected when it attaches under Section 13-309;

(3) in property subject to a statute, regulation, or treaty described in Section 13-311(a);

(4) in goods in possession of a bailee which is perfected under Section 13-312(d)(1) or (2);

(5) in certificated securities, negotiable documents, goods, or instruments which is perfected without filing or possession under Section 13-312(e), (f) or (g);

(6) in collateral in the secured party's possession under Section 13-313;

(7) in a security or an investment account perfected by control under Section 13-314;

(8) in proceeds which is perfected under Section 13-315; or

(9) that is perfected under Section 13-316 relating to continued perfection of security interests perfected under the law of another jurisdiction.

(c) If a secured party assigns a perfected security interest, a filing under this Act is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-9, PTN Code § 13-3-9



PTN Code § 13-3-10
Section 13-3-10. Perfection of Security Interests in Property Subject to Certain Statutes, Regulations, and Treaties

(a) Except as otherwise provided in subsection (d), the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:

(1) any law of the United States whose requirements for a security interest obtaining priority over the rights of a lien creditor with respect to the property preempt the provisions of this Act requiring that security interests be perfected by filing;

(2) list any certificate-of-title statute covering automobiles, trailers, mobile homes, boats, farm tractors, or the like, which provides for a security interest to be indicated on the certificate as a condition or result of perfection, and any central filing statute other than the one provided by this Act; or

(3) a certificate-of-title statute of another jurisdiction which provides for a security interest to be indicated on the certificate as a condition or result of the security interest obtaining priority over the rights of a lien creditor with respect to the property.

(b) Compliance with the requirements of a statute, regulation, or treaty described in subsection (a) for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this Act. Except as otherwise provided in subsection (d) and the provisions of this Act providing for perfection by possession when goods covered by a certificate of title issued by one jurisdiction become covered by a certificate of title issued by another jurisdiction, a security interest in property subject to a statute, regulation, or treaty described in subsection (a) may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral.

(c) Except as otherwise provided in subsection (d) and the provisions of this Act providing for continued perfection when goods covered by a certificate of title issued by one jurisdiction become covered by a certificate of title issued by another jurisdiction, duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation, or treaty described in subsection (a) are governed by the statute, regulation, or treaty. In other respects, the security interest is subject to this Act.

(d) During any period in which collateral subject to a statute specified in subsection (a)(2) is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-10, PTN Code § 13-3-10



PTN Code § 13-3-11
Section 13-3-11. Perfection of Security Interests in Chattel Paper, Documents, Goods Covered by Documents, Instruments, and Money; Perfection by Permissive Filing; Temporary Perfection Without Filing or Transfer of Possession

(a) A security interest in chattel paper, negotiable documents, instruments, securities, or investment accounts may be perfected by filing.

(b) Except as otherwise provided in the provisions of this Act dealing with perfection with respect to proceeds, a security interest in money may be perfected only by the secured party taking possession under the provisions of this Act dealing with perfection by possession.

(c) While goods are in the possession of a bailee that has issued a negotiable document covering the goods:

(1) a security interest in the goods may be perfected by perfecting a security interest in the document; and

(2) a security interest perfected in the document has priority over any security interest in the goods that becomes perfected by another method during that time.

(d) While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by:

(1) issuance of a document in the name of the secured party;

(2) the bailee's receipt of notification of the secured party's interest; or

(3) filing as to the goods.

(e) A security interest in certificated securities, negotiable documents, or instruments is perfected without filing or the taking of possession for a period of twenty (20) days from the time it attaches to the extent that it arises for new value given under a signed security agreement.

(f) A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for twenty (20) days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:

(1) ultimate sale or exchange; or

(2) loading, unloading, storing, shipping, transshipping, manufacturing, processing, or otherwise dealing with them in a manner preliminary to their sale or exchange.

(g) A perfected security interest in a certificated security or instrument remains perfected for twenty (20) days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of:

(1) ultimate sale or exchange; or

(2) presentation, collection, enforcement, renewal, or registration of transfer.

(h) After the twenty (20)-day period specified in subsection (e), (f), or (g) expires, perfection depends upon compliance with this Act.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-11, PTN Code § 13-3-11




PTN Code § 13-3-12
Section 13-3-12. When Possession by Secured Party Perfects Security Interest Without Filing

(a) Except as otherwise provided in subsection (b), a secured party may perfect a security interest in certificated securities, negotiable documents, goods, instruments, money, or chattel paper by taking possession of the collateral.

(b) With respect to goods covered by a certificate of title issued by this Ponca Tribe of Nebraska or a State, a secured party may perfect a security interest in the goods by taking possession of the goods only in the circumstances described in Section 13-316(c), relating to continued perfection of goods covered by a certificate of title.

(c) With respect to collateral other than certificated securities and goods covered by a document, a secured party takes possession of collateral in the possession of a person other than the debtor, the secured party, or a lessee of the collateral from the debtor in the ordinary course of the debtor's business, when:

(1) the person in possession signs a record acknowledging that it holds possession of the collateral for the secured party's benefit; or

(2) the person takes possession of the collateral after having signed a record acknowledging that it will hold possession of collateral for the secured party's benefit.

(d) If perfection of a security interest depends upon possession of the collateral by a secured party, perfection occurs no earlier than the time the secured party takes possession and continues only while the secured party retains possession.

(e) A person in possession of collateral is not required to acknowledge that it holds possession for a secured party's benefit.

(f) If a person acknowledges that it holds possession for the secured party's benefit:

(1) the acknowledgment is effective under subsection (c), even if the acknowledgment violates the rights of a debtor; and

(2) unless the person otherwise agrees or law other than this Act otherwise provides, the person does not owe any duty to the secured party and is not required to confirm the acknowledgment to another person.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-12, PTN Code § 13-3-12




PTN Code § 13-3-13
Section 13-3-13. Perfection by Control

A security interest in a security or an investment account may be perfected by control.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-13, PTN Code § 13-3-13




PTN Code § 13-3-14
Section 13-3-14. Secured Party's Rights on Disposition of Collateral and in Proceeds

(a) Except as otherwise provided in this Act and in any applicable law dealing with entrustment of goods:

(1) a security interest continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest; and

(2) a security interest attaches to any identifiable proceeds of collateral.

(b) Proceeds that are commingled with other property are identifiable proceeds:

(1) if the proceeds are goods, to the extent provided by the provisions of this Act dealing with commingled goods; and

(2) if the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this Act with respect to commingled property of the type involved.

(c) A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.

(d) A perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds unless:

(1) the following conditions are satisfied:

(A) a filed financing statement covers the original collateral;

(B) the proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and

(C) the proceeds are not acquired with cash proceeds;

(2) the proceeds are identifiable cash proceeds; or

(3) the security interest in the proceeds is perfected other than under subsection (c) when the security interest attaches to the proceeds or within twenty (20) days thereafter.

(e) If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subsection (d)(1) becomes unperfected at the later of:

(1) when the effectiveness of the filed financing statement lapses or is terminated under the provisions of this Act dealing with lapse or termination; or

(2) the 21st day after the security interest attaches to the proceeds.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-14, PTN Code § 13-3-14



PTN Code § 13-3-15
Section 13-3-15. Continued Perfection of Security Interest Following Change in Governing Law

(a) A security interest to which this Act becomes applicable that is perfected pursuant to the law of another jurisdiction remains perfected until the earliest of:

(1) the time perfection would have ceased under the law of that jurisdiction;

(2) the expiration of four months after the debtor becomes subject to the jurisdiction of this Ponca Tribe of Nebraska (subsections (d) and (e)); or

(3) the expiration of one year after a transfer of collateral to a person that thereby becomes a debtor and is subject to the jurisdiction of this Ponca Tribe of Nebraska.

(b) If a security interest described in subsection (a) becomes perfected under the law of this Ponca Tribe of Nebraska before the end of the applicable period described in that subsection, it remains perfected thereafter until perfection lapses in accordance with this Act. Otherwise, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.

(c) A security interest to which this Act becomes applicable which is perfected by any method under the law of another jurisdiction when the goods become covered by a certificate of title from this Ponca Tribe of Nebraska remains perfected until the security interest would have become unperfected under the law of the other jurisdiction had the goods not become so covered. However, the security interest becomes unperfected as against a purchaser of the goods for value and is deemed never to have been perfected as against a purchaser of the goods for value, if the applicable requirements for perfection under Section 13-311(b) or 13-313, dealing with perfection by compliance with other law or by possession, are not satisfied before the earlier of:

(1) the time the security interest would have become unperfected under the law of the other jurisdiction had the goods not become covered by a certificate of title from this Ponca Tribe of Nebraska; or

(2) the expiration of four months after the goods had become so covered.

(d) For purposes of this section only, a debtor becomes subject to the jurisdiction of this Ponca Tribe of Nebraska if:

(1) the debtor is an individual whose principal residence comes to be within this jurisdiction or who becomes a member of this Ponca Tribe of Nebraska;

(2) the debtor is an organization, other than a registered organization, and its sole place of business or, if it has more than one place of business, its chief executive office, comes to be within this jurisdiction; or

(3) the debtor comes to be

(A) a registered organization that is organized solely under the law of this Ponca Tribe of Nebraska; or

(B) incorporated under a charter issued to a tribe by the United States Secretary of the Interior pursuant to 25 U.S.C. § 477, as the same may be amended from time to time.

The term “registered organization” means an organization organized solely under the law of this Ponca Tribe of Nebraska, a single State, or the United States and as to which this Ponca Tribe of Nebraska, the State, or the United States must maintain a public record showing the organization to have been organized. The term “place of business” means a place where a debtor conducts its affairs.

(e) For purposes of subsection (d),

(1) a person other than a registered organization continues to be subject to the jurisdiction of this Ponca Tribe of Nebraska notwithstanding the fact that it ceases to exist, have a residence, or have a place of business; and

(2) a registered organization continues to be subject to the jurisdiction of this Ponca Tribe of Nebraska notwithstanding

(A) the suspension, revocation, forfeiture, or lapse of the registered organization's status as such; or

(B) the dissolution, winding up, or cancellation of the existence of the registered organization.

SUBPART 3. PRIORITY

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-15, PTN Code § 13-3-15



PTN Code § 13-3-16
Section 13-3-16. Interests That Take Priority Over Security Interest

(a) A security interest is subordinate to the rights of:

(1) a person that becomes a lien creditor before the security interest is perfected;

(2) a buyer of tangible personal property (including instruments and tangible documents or chattel paper), a lessee of goods, a licensee of a general intangible, or a buyer of accounts or general intangibles or securities that

(A) gives value; and

(B) in the case of a buyer of tangible personal property, a lessee of goods, or a buyer of a security certificate, acquires possession;

(C) in all cases to which this subsection (a)(2) applies, without knowledge of the security interest and before it is perfected;

(3) a secured party entitled to priority under subsection (c).

(b) Notwithstanding subsection (a), a purchase money secured party that files a financing statement before or within twenty (20) days after the debtor acquires possession of the collateral has priority over the rights of a buyer, lessee or lien creditor which arise between the time the security interest attaches and the time of filing.

(c) Priority among conflicting security interests in the same collateral is determined as follows:

(1) Conflicting perfected security interests in the same collateral rank according to priority in time of filing or perfection. Priority dates from the earlier of the time a filing covering the collateral is first made or the security interest is first perfected, if there is no period thereafter when there is neither filing nor perfection.

(2) A perfected security interest has priority over a conflicting unperfected security interest.

(3) The first security interest to attach has priority if conflicting security interests are unperfected.

(d) The time of filing or perfection as to a security interest in collateral is also the time of filing or perfection as to a security interest in proceeds, except as provided in Section 13-318.

(e) Except as provided elsewhere in this part, a security interest that has priority under Section 13-318(e), (f) or (j) also has priority over a conflicting security interest in proceeds if

(1) the security interest in proceeds is perfected;

(2) the proceeds are cash proceeds or of the same type as the collateral; and

(3) in the case of proceeds of proceeds, all intervening proceeds are cash proceeds, proceeds of the same type as the collateral, or an account relating to the collateral.

(f) If a security interest in chattel paper, negotiable documents, instruments, securities or investment accounts is perfected by a method other than filing, and if the proceeds are not cash proceeds, chattel paper, negotiable documents, instruments, securities, investment accounts or letter of credit rights, then priority in the proceeds is determined by the order of any filing.

(g) If applicable law other than this Act gives a security interest or right of set-off to a collecting bank, an issuer or nominated person with respect to a letter of credit, a buyer [or seller] or lessee of goods, or in personal property that is not subject to this Act, that law governs in the event of conflict with the provisions of this Act.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-16, PTN Code § 13-3-16




PTN Code § 13-3-17
Section 13-3-17. Particular Priority Rules

(a) This section creates exceptions to the general priority rules of Section 13-3-16.

(b) For the purpose of this Act, while goods are in the possession of a consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer. If Chapter 3 of this Act results in the consignor having priority over a creditor of the consignee, law other than this Act determines the rights and title of the consignee with regard to that creditor.

(c) Except as otherwise provided in this subsection, a buyer in ordinary course of business, a person that takes a non-exclusive license of a general intangible in ordinary course of business, or a person that takes a lease of goods in ordinary course of business, takes its interest in the collateral free of a security interest in the collateral created by the seller, licensor, or lessor, even if the security interest is perfected and the buyer, licensee or lessee knows of its existence. Whether a licensee or lessee takes its interest in ordinary course of business is to be determined by criteria parallel to those for a buyer in ordinary course of business (Section 13-102(a)(7)). This subsection does not apply to

(1) a buyer of farm products from a person engaged in farming operations, unless the buyer

(A) obtains from the seller a notarized statement setting forth the name and address of any person that has a security interest in the farm products; and

(B) either (i) obtains a consent to the sale free of the security interest from the secured party or (ii) makes payment for the farm products jointly to the seller and the secured party;

(2) a buyer of goods in the possession of the secured party (Section 13-313).

(d) A buyer of goods from a person who used or bought the goods for use primarily for personal, family or household purposes takes free of a security interest, even if perfected, if the buyer buys

(1) without knowledge of the security interest;

(2) for value;

(3) primarily for the buyer's personal, family, or household purposes; and

(4) in the case of goods having a value of $5,000 or more, before the filing of a financing statement covering the goods. However, this subsection does not apply to a buyer of goods in the possession of the secured party (Section 13-313).

(e)(1) A purchaser of chattel paper or an instrument has priority over a security interest if

(A) the purchaser, in good faith and in the ordinary course of the purchaser's business, gives new value and takes possession of the collateral;

(B) the collateral does not indicate that it has been previously assigned to an identified person other than the purchaser; and

(C) the purchaser is otherwise without knowledge that the purchase violates the rights of the secured party.

(1) A purchaser with priority in chattel paper under subsection (e)(1) also has priority in proceeds of the chattel paper to the extent that

(A) the proceeds consist of the specific goods covered by the chattel paper or cash proceeds of the specific goods, even if the security interest in the proceeds is unperfected; or

(B) Section 13-3-16(c), (d) or (e) so provides.

(f) This Act does not limit the rights of, or impose liability on, a holder in due course of a negotiable instrument, a holder to which a negotiable document has been duly negotiated, or a person protected against the assertion of a claim to investment property under other applicable law. Filing under this Act is not notice of a claim or defense to the holder or protected person.

(g)(1) With respect to a conflicting security interest, the priority of an advance under a security agreement is determined under Section 13-3-16(b), except that perfection dates from the time the advance is made if the security interest securing it is perfected only by attachment (Section 13-3-8) or temporarily by law (Section 13-3-12(e), (f) or (g)) and is not made pursuant to a commitment entered into before or while the security interest is perfected by another means.

(2) With respect to a lien creditor, the security interest securing an advance is subordinate if the advance is made more than forty-five (45) days after the person becomes a lien creditor, unless the advance is made without knowledge of the lien or pursuant to a commitment entered into without knowledge of the lien.

(3) With respect to a buyer of goods other than a buyer in ordinary course of business (Section 13-1-2(a)(7)), and with respect to a lessee of goods that does not take its lease in ordinary course of business (Section 13-3-17(c)), the security interest securing an advance is subordinate if the advance is made after the earlier of the time the secured party acquires knowledge of the purchase or 45 days after the purchase, unless the advance is made pursuant to a commitment entered into without knowledge of the purchase and before the expiration of the 45-day period.

(4) Paragraphs (1) and (2) of this subsection do not apply to a security interest held by a person that is a consignor or a buyer of accounts, chattel paper, payment intangibles or promissory notes.

(h) The following rules govern the priority of a purchase money security interest and a conflicting security interest in collateral and its proceeds:

(1) A perfected purchase-money security interest in goods other than inventory or livestock that are farm products has priority over a conflicting security interest, and a perfected security interest in identifiable proceeds also has priority, if the purchase-money security interest is perfected when the debtor receives possession of the collateral or within twenty (20) days thereafter.

(2) A perfected purchase-money security interest in inventory or livestock that are farm products has priority over a conflicting security interest if the purchase-money security interest is perfected when the debtor acquires possession of the goods and the purchase-money secured party sends timely and appropriate notice to the holder of the conflicting security interest, provided that no such notice is required unless the holder of the conflicting security interest has filed a financing statement covering the same types of goods:

(A) before the purchase-money security interest is perfected by filing; or

(B) if the purchase-money security interest is temporarily perfected under Section 13-3-11(f), before the beginning of the applicable twenty (20)-day period.

If a purchase-money secured party has priority in inventory under this paragraph (2), it also has priority in chattel paper or an instrument constituting proceeds, in proceeds of the chattel paper except as otherwise provided in this section, and in identifiable cash proceeds received on or before delivery of the goods to a buyer. If a purchase-money secured party has priority in livestock that are farm products under this paragraph (2), it also has priority in their identifiable proceeds and products in their unmanufactured states.

(3) A perfected purchase-money security interest in software has priority over a conflicting security interest, and a perfected security interest in its identifiable proceeds also has priority, to the extent that the purchase-money security interest in the goods in which the software was acquired for use has priority in the goods and proceeds of the goods.

(4) Notwithstanding the rest of this subsection (f), if two or more purchase-money security interests are perfected in the same collateral, the security interest securing an obligation for the price has priority, and otherwise priority is determined by the rule of Section 13-3-16(b).

(i) A transferee of money or of funds from a deposit account takes the money or funds free of a security interest unless the transferee Acts in collusion with the debtor in violating the rights of the secured party.

(j) A security interest in a security or an investment account perfected by control (Section 13-314) has priority over a security interested perfected in another way. Multiple security interests perfected by control rank according to time of acquiring control; however, a security interest held by an investment intermediary in the investment account that it maintains has priority regardless of time of acquiring control. A security interest in a certificated security in registered form that is perfected by possession (Section 13-3-12) and not by control has priority over a conflicting security interest perfected by a method other than control.

(k) A lien created by statute or rule of law which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business and whose effectiveness depends on the person's possession of the goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-17, PTN Code § 13-3-17



PTN Code § 13-3-18
Section 13-3-18. Priority of Security Interests in Fixtures and Crops

(a) A security interest under this Act may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this Act in ordinary building materials incorporated into an improvement on land.

(b) This Act does not prevent creation of an encumbrance upon fixtures under real property law.

(c) In cases not governed by subsections (d) through (h), a security interest in fixtures is subordinate to a conflicting interest of an encumbrancer or owner of the related real property other than the debtor.

(d) Except as otherwise provided in subsection (h), a perfected security interest in fixtures has priority over a conflicting interest of an encumbrancer or owner of the real property if the debtor has an interest of record in or is in possession of the real property and:

(1) the security interest is a purchase-money security interest;

(2) the interest of the encumbrancer or owner arises before the goods become fixtures; and

(3) the security interest is perfected by an appropriate filing before the goods become fixtures or within twenty (20) days thereafter.

(e) A perfected security interest in fixtures has priority over a conflicting interest of an encumbrancer or owner of the real property if:

(1) the debtor has an interest of record in the real property or is in possession of the real property and the security interest:

(A) is perfected by an appropriate filing before the interest of the encumbrancer or owner is of record; and

(B) has priority over any conflicting interest of a predecessor in title of the encumbrancer or owner;

(2) before the goods become fixtures, the security interest is perfected by any method permitted by this Act and the fixtures are readily removable:

(A) factory or office machines;

(B) equipment that is not primarily used or leased for use in the operation of the real property; or

(C) replacements of domestic appliances that are consumer goods;

(3) the conflicting interest is a lien on the real property obtained by legal or equitable proceedings after the security interest was perfected by any method permitted by this Act; or

(4) the security interest is:

(A) created in a manufactured home in a manufactured-home transaction; and

(B) perfected pursuant to a statute described in Section 13-3-10(a)(2).

(f) A security interest in fixtures, whether or not perfected, has priority over a conflicting interest of an encumbrancer or owner of the real property if:

(1) the encumbrancer or owner has, in a signed record, consented to the security interest or disclaimed an interest in the goods as fixtures; or

(2) the debtor has a right to remove the goods as against the encumbrancer or owner.

(g) The priority of the security interest under paragraph (f)(2) continues for a reasonable time if the debtor right to remove the goods as against the encumbrancer or owner terminates.

(h) A mortgage is a construction mortgage to the extent that it secures an obligation incurred for the construction of an improvement on land, including the acquisition cost of the land, if a recorded record of the mortgage so indicates. Except as otherwise provided in subsections (e) and (f), a security interest in fixtures is subordinate to a construction mortgage if a record of the mortgage is recorded before the goods become fixtures and the goods become fixtures before the completion of the construction. A mortgage has this priority to the same extent as a construction mortgage to the extent that it is given to refinance a construction mortgage.

(i) A perfected security interest in crops growing on real property has priority over a conflicting interest of an encumbrancer or owner of the real property if the debtor has an interest of record in or is in possession of the real property.

(j) Subsection (i) prevails over any inconsistent provisions of the following statutes:

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-18, PTN Code § 13-3-18



PTN Code § 13-3-19
Section 13-3-19. Accessions

(a) A security interest may be created in an accession and continues in collateral that becomes an accession.

(b) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral.

(c) Except as otherwise provided in subsection (d), the other provisions of this part determine the priority of a security interest in an accession.

(d) A security interest in an accession is subordinate to a security interest in the whole which is perfected by compliance with the requirements of a certificate-of-title statute under Section 13-3-10(b).

(e) After default, subject to Chapter 6, a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole.

(f) A secured party that removes an accession from other goods under subsection (e) shall promptly reimburse any holder of a security interest or other lien on, or owner of, the whole or of the other goods, other than the debtor, for the cost of repair of any physical injury to the whole or the other goods. The secured party need not reimburse the holder or owner for any diminution in value of the whole or the other goods caused by the absence of the accession removed or by any necessity for replacing it. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-19, PTN Code § 13-3-19




PTN Code § 13-3-20
Section 13-3-20. Commingled Goods

(a) In this section, “commingled goods” means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass.

(b) A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when goods become commingled goods.

(c) If collateral becomes commingled goods, a security interest attaches to the product or mass.

(d) [Perfection of security interest.] If a security interest in collateral is perfected before the collateral becomes commingled goods, the security interest that attaches to the product or mass under subsection (c) is perfected.

(e) Except as otherwise provided in subsection (f), the other provisions of this part determine the priority of a security interest that attaches to the product or mass under subsection (c).

(f) If more than one security interest attaches to the product or mass under subsection (c), the following rules determine priority:

(1) A security interest that is perfected under subsection (d) has priority over a security interest that is unperfected at the time the collateral becomes commingled goods.

(2) If more than one security interest is perfected under subsection (d), the security interests rank equally in proportion to the value of the collateral at the time it became commingled goods.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-20, PTN Code § 13-3-20




PTN Code § 13-3-21
Section 13-3-21. Priority of Security Interests in Goods Covered by Certificate of Title

If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this jurisdiction issues a certificate of title (Section 13-1-5(a)(11)) that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate:

(1) a buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and

(2) the security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under Section 13-3-10(b), after issuance of the certificate and without the conflicting secured party's knowledge of the security interest.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-21, PTN Code § 13-3-21




PTN Code § 13-3-22
Section 13-3-22. Priority Subject to Subordination

This Act does not preclude subordination by agreement by a person entitled to priority.

CHAPTER 3. PERFECTION AND PRIORITY

SUBPART 1. LAW GOVERNING PERFECTION AND PRIORITY.

Ponca Tribe of Nebraska Code § 13-3-22, PTN Code § 13-3-22

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