US Uniform Commercial Code Article 9 Secured Transactions 9-317-9-321-takers-free: Know which parties take free of or ahead of a security interest: lien creditors and buyers against unperfected interests, buyers in ordinary course, consumer-to-consumer buyers, licensees and lessees

What does 9-317-9-321-takers-free require?

A security interest or agricultural lien ranks behind anyone who becomes a lien creditor before perfection (unless a financing statement is filed and the security agreement condition is met), and a buyer, lessee or licensee that gives value and receives delivery or the rights without knowledge of an unperfected security interest takes free of it; a purchase-money secured party that files within twenty days of delivery takes priority over intervening lien creditors and buyers (section 9-317). A buyer in the ordinary course takes clear of a security interest its seller created, perfected or not, known or not (section 9-320), as does a consumer buying consumer goods from a consumer for value without knowledge before a financing statement is filed; an ordinary-course licensee of a general intangible, or lessee of goods, takes its rights clear of the security interest (section 9-321). A seller of accounts or chattel paper retains no interest in what it sold (section 9-318) and a consignee is treated as having the consignor's rights for creditors and purchasers (section 9-319).