Section 400.9-333

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Jul 2001, see footnote   

  400.9-333.  Priority of certain liens arising by operation of law. — (a)  In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien:

  (1)  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;

  (2)  Which is created by statute or rule of law in favor of the person; and

  (3)  Whose effectiveness depends on the person's possession of the goods.

  (b)  A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.

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(L. 2001 S.B. 288)

Effective 7-01-01