Section 9--317. Interests  That  Take  Priority  over  or  Take  Free of
                    Security Interest or Agricultural Lien.
    (a) Conflicting security interests and rights  of  lien  creditors.  A
  security interest or agricultural lien is subordinate to the rights of:
         (1) a person entitled to priority under Section 9--322; and
         (2) except as otherwise provided in subsection (e), a person that
             becomes a lien creditor before the earlier of the time:
             (A) the  security interest or agricultural lien is perfected;
                 or
             (B) one of the conditions specified in  Section  9--203(b)(3)
                 is  met and a financing statement covering the collateral
                 is filed.
    (b) Buyers that receive delivery.  Except  as  otherwise  provided  in
  subsection (e), a buyer, other than a secured party, of tangible chattel
  paper,  documents,  goods,  instruments, or a security certificate takes
  free of a security interest or agricultural  lien  if  the  buyer  gives
  value  and  receives delivery of the collateral without knowledge of the
  security interest or agricultural lien and before it is perfected.
    (c) Lessees that receive delivery. Except  as  otherwise  provided  in
  subsection  (e),  a lessee of goods takes free of a security interest or
  agricultural lien if the lessee gives value and receives delivery of the
  collateral without knowledge of the security  interest  or  agricultural
  lien and before it is perfected.
    (d) Licensees  and  buyers  of  certain  collateral.  A  licensee of a
  general intangible or a buyer, other than a secured party, of  accounts,
  electronic  chattel  paper,  general intangibles, or investment property
  other than a certificated security takes free of a security interest  if
  the  licensee  or  buyer  gives  value without knowledge of the security
  interest and before it is perfected.
    (e) Purchase-money security interest. Except as otherwise provided  in
  Sections 9--320 and 9--321, if a person files a financing statement with
  respect  to  a purchase-money security interest before or within 20 days
  after the debtor receives  delivery  of  the  collateral,  the  security
  interest  takes  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. The preceding sentence does not apply to cooperative
  interests.