Priority of Prior Interest.
Section 58
SEC. 58. Priority of Prior Interest. - (a) The priority of a prior interest as against the rights of a competing claimant is determined by the prior law if: (1) The security interest and the rights of all competing claimant arose before the effectivity of this Act; and (2) The priority status of these rights has not changed since the effectivity of this Act. (b) For purposes of subsection (a)(2) of this section, the priority status of a prior interest has changed only if: (1) It was perfected when this Act took effect, but ceased to be perfected; or (2) It was not perfected under prior law when this Act took effect, and was only perfected under this Act.