ORS 79.0325 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:

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

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

There is no period thereafter when the security interest is unperfected.

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

Otherwise would have priority solely under ORS 79.0322 (1) or 79.0323; or

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