§490:9-308 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 business has priority over a security interest in the chattel paper or instrument
(a) Which is perfected under section 490:9-304 (permissive filing and temporary perfection) or under section 490:9-306 (perfection as to proceeds), if he acts without knowledge that the specific paper or instrument is subject to a security interest; or
(b) Which is claimed merely as proceeds of inventory subject to a security interest (section 490:9-306) even though he knows that the specific paper or instrument is subject to the security interest. [L 1965, c 208, §9-308; HRS §490:9-308; am L 1978, c 155, §1(21)]