Under UCC § 9-330(d), "a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party." In the absence of such a purchase, the timing of the filing or perfection of the parties' security interests determines the rank of their priority, pursuant to UCC § 9-322[a][1].
NRT N.Y., LLC v. Middlegate Funding LLC, NY Slip Op 00646 (1st Dep't February 1, 2022)
