679.308  Purchase of chattel paper and instruments.--A purchaser of chattel paper or an instrument who gives new value and takes possession of it in the ordinary course of his or her business has priority over a security interest in the chattel paper or instrument:

(1)  Which is perfected under s. 679.304 (permissive filing and temporary perfection) or under s. 679.306 (perfection as to proceeds) if he or she acts without knowledge that the specific paper or instrument is subject to a security interest; or

(2)  Which is claimed merely as proceeds of inventory subject to a security interest (s. 679.306) even though he or she knows that the specific paper or instrument is subject to the security interest.

History.--s. 1, ch. 65-254; s. 21, ch. 79-398; s. 688, ch. 97-102.