Vermont § 322 - § 9—322.

§ 322. § 9—322.

• Priorities among conflicting security interests in and agricultural liens on same
  collateral (a) Except as otherwise provided in this section, priority among conflicting security
  interests and agricultural liens in the same collateral is determined according to
  the following rules: (1) Conflicting perfected security interests and agricultural liens rank according to
  priority in time of filing or perfection. Priority dates from the earlier of the time
  a filing covering the collateral is first made or the security interest or agricultural
  lien is first perfected, if there is no period thereafter when there is neither filing
  nor perfection. (2) A perfected security interest or agricultural lien has priority over a conflicting
  unperfected security interest or agricultural lien. (3) The first security interest or agricultural lien to attach or become effective has
  priority if conflicting security interests and agricultural liens are unperfected. (b) For the purposes of subdivision (a)(1) of this section: (1) the time of filing or perfection as to a security interest in collateral is also the
  time of filing or perfection as to a security interest in proceeds; and (2) the time of filing or perfection as to a security interest in collateral supported
  by a supporting obligation is also the time of filing or perfection as to a security
  interest in the supporting obligation. (c) Except as otherwise provided in subsection (f) of this section, a security interest
  in collateral which qualifies for priority over a conflicting security interest under
  section 9—327 through 9—331 of this title also has priority over a conflicting security interest in: (1) any supporting obligation for the collateral; and (2) proceeds of the collateral if: (A) the security interest in proceeds is perfected; (B) the proceeds are cash proceeds or of the same type as the collateral; and (C) in the case of proceeds that are proceeds of proceeds, all intervening proceeds are
  cash proceeds, proceeds of the same type as the collateral, or an account relating
  to the collateral. (d) Subject to subsection (e) of this section and except as otherwise provided in subsection
  (f) of this section, if a security interest in chattel paper, deposit accounts, negotiable
  documents, instruments, investment property, or letter-of-credit rights is perfected
  by a method other than filing, conflicting perfected security interests in proceeds
  of the collateral rank according to priority in time of filing. (e) Subsection (d) of this section applies only if the proceeds of the collateral are
  not cash proceeds, chattel paper, negotiable documents, instruments, investment property,
  or letter-of-credit rights. (f) Subsections (a) through (e) of this section are subject to: (1) subsection (g) of this section and the other provisions of this part; (2) section 4—210 of this title with respect to a security interest of a collecting bank; (3) section 5—118 of this title with respect to a security interest of an issuer or nominated person; and (4) section 9—110 of this title with respect to a security interest arising under Article 2 or 2A. (g) A perfected agricultural lien on collateral has priority over a conflicting security
  interest in or agricultural lien on the same collateral if the statute creating the
  agricultural lien so provides. (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001.)